Hoewel de lessor/verhuurder de huurcontracten grotendeels op dezelfde manier zal blijven verwerken, kan de impact van deze nieuwe regelgeving op de vastgoedmarkt aanzienlijk zijn. It provides training courses ... IAS 2 Inventory IAS 16 Property, plant and equipment Session 1 IFRS 3 Business combinations (Part 1) IFRS 10 Consolidated financial statements (Part 1) Search. IAS 16 – Property, plant and equipment. IFRS 16 contains a lease so that entities are not required to incur the costs of detailed reassessments. These words serve as exceptions. [IAS 16.65], An asset should be removed from the statement of financial position on disposal or when it is withdrawn from use and no future economic benefits are expected from its disposal. IAS 16 Property, Plant and Equipment outlines the accounting treatment for most types of property, plant and equipment. The depreciable amount (cost less residual value) should be allocated on a systematic basis over the asset's useful life [IAS 16.50]. [IAS 16.56]. In January 2016, the IASB finished its long lasting project on lease accounting and published IFRS 16, 'Leases', which replaces the current guidance in IAS 17. Depreciation should be charged to profit or loss, unless it is included in the carrying amount of another asset [IAS 16.48]. Dit laatste heeft vanzelfsprekend impact op de positie van de verhuurder. Illustrative IFRS consolidated financial statements - Investment property 2019. While the IASB has retained IAS 17’s finance lease/operating lease distinction for lessors (and carried into IFRS 16 the The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. [IAS 16.36]. 3 IFRS 16 I Værdiansættelse af virksomheder Baggrund Den internationale standardsætter, IASB, udsendte den 13. januar 2016 den nye leasingstandard, IFRS 16. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. Vi har imidlertid i PwC Danmark konstateret et behov for en overskuelig og dansk publika­ tion om IFRS 16. IFRS 16 was issued by the International Accounting Standards Board (IASB) and thereby starting a new era of lease accounting. The amendments are effective for annual periods beginning on or after 1 … Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments. Deze wijzigingen zijn mogelijk ook van invloed op bankconvenanten, credit ratings en financieringskosten en resulteren in andere gedragsveranderingen. How do you compare like with like in the impairment model, now most leases are on the balance sheet? It comes into effect on 1 January 2019. IAS 16 — Accounting for proceeds and costs of testing of PPE: should net proceeds reduce the cost of asset; 12 May 2015 The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. This site uses cookies to provide you with a more responsive and personalised service. Recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. The transfer to retained earnings should not be made through profit or loss. 18 Impairment of assets – IAS 36 36 The carrying amount of an item of property, plant, and equipment will include the cost of replacing the part of such an item when that cost is incurred if the recognition criteria (future benefits and measurement reliability) are met. Learn more at http://www.pwc.com/ifrs16This is the third video in a series on the key issues in implementing the new leases standard IFRS 16. In May 2020, the IASB released a package of narrow scope amendments on IAS 16, proceeds of testing, IAS … IAS 16, ‘Property, plant and equipment’ includes guidance on how to account for property carried at cost. The Committee discussed various topics related to IAS 16. 1. whether an independent valuer was involved, for each revalued class of property, the carrying amount that would have been recognised had the assets been carried under the cost model. As you may have become aware through various media publications, the new standard for leases – IFRS 16, which will supersede the current IAS 17 standard – could have a significant impact on [IAS 16.16-17], Proceeds from selling items produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management are not deducted from the cost of the item of property, plant and equipment but recognised in profit or loss. Investors, regulators and other stakeholders might focus on these disclosures. the revaluation surplus, including changes during the period and any restrictions on the distribution of the balance to shareholders. IFRS News - May 2019 This month's issues: The effect on hedge accounting of the reform of LIBOR and other similar rates - PwC In brief Interim disclosures in the first year of applying IFRS 16 - PwC In brief Transition Resource Group ('TRG') continue For further guidance also see the PwC in depth here. IAS 16 is applied in accounting for property, plant and equipment. 1 of 3 Save and exit Continue Cancel This will be a far-reaching change in accounting by lessees in particular. This recognition principle is applied to all property, plant, and equipment costs at the time they are incurred. [IAS 16.67-71], If an entity rents some assets and then ceases to rent them, the assets should be transferred to inventories at their carrying amounts as they become held for sale in the ordinary course of business. IAS 16 — Property, plant and equipment; 08 Sep 2015. Please read, The UK’s withdrawal from the European Union, International Financial Reporting Standards, IAS 1 — Presentation of Financial Statements, IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 — Events After the Reporting Period, IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance, IAS 21 — The Effects of Changes in Foreign Exchange Rates, IAS 26 — Accounting and Reporting by Retirement Benefit Plans, IAS 27 — Consolidated and Separate Financial Statements (2008), IAS 27 — Separate Financial Statements (2011), IAS 28 — Investments in Associates (2003), IAS 28 — Investments in Associates and Joint Ventures (2011), IAS 29 — Financial Reporting in Hyperinflationary Economies, IAS 30 — Disclosures in the Financial Statements of Banks and Similar Financial Institutions, IAS 32 — Financial Instruments: Presentation, IAS 37 — Provisions, Contingent Liabilities and Contingent Assets, IAS 39 — Financial Instruments: Recognition and Measurement, (revised as part of the 'Comparability of Financial Statements' project), Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41), Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16), Educational material on applying IFRSs to climate-related matters, EFRAG issues final endorsement advice on four amendments to IFRS Standards, IASB publishes proposed IFRS Taxonomy update, IASB issues amendments to IAS 16 regarding proceeds before intended use, EFRAG final comment letter on proposed amendments to IAS 16, EFRAG endorsement status report 23 October 2020, EFRAG endorsement status report 3 June 2020, Need to know — IASB publishes package of narrow-scope amendments to IFRS Standards, Effective date of IAS 16 amendments regarding proceeds before intended use, IFRIC 1 — Changes in Existing Decommissioning, Restoration and Similar Liabilities, IFRIC 12 — Service Concession Arrangements, IFRIC 20 — Stripping Costs in the Production Phase of a Surface Mine, SIC-6 — Costs of Modifying Existing Software, SIC-14 — Property, Plant and Equipment – Compensation for the Impairment or Loss of Items, IAS 16 — Stripping costs in the production phase of a mine, IAS 16/IAS 38 — Acceptable methods of depreciation and amortisation, International Valuation Standards Council (IVSC), Operative for financial statements covering periods beginning on or after 1 January 1983, Operative for financial statements covering periods beginning on or after 1 January 1995, Operative for annual financial statements covering periods beginning on or after 1 July 1999, Effective for annual periods beginning on or after 1 January 2005, Effective for annual periods beginning on or after 1 January 2009, Effective for annual periods beginning on or after 1 January 2013, Effective for annual periods beginning on or after 1 January 2016, Effective for annual periods beginning on or after 1 January 2022, assets classified as held for sale in accordance with, biological assets related to agricultural activity accounted for under, exploration and evaluation assets recognised in accordance with. 16 applies to annual periods beginning on or after 1 January 2005 in the scope of 16.67-72. 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