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Quiz

ACTG 2P32 Quiz: ppe

4 Pages
76 Views
Spring 2018

Department
Accounting
Course Code
ACTG 2P32
Professor
Parunchana Pacharn
Study Guide
Quiz

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PPE
ASPE (sections 3061, 1000)
IFRS (IAS 16,36)
Nature
Property, plant and
equipment are identifiable
tangible assets that meet all
of the following criteria:
(i) are held for use in the
production or supply of
goods and services, for rental
to others, for administrative
purposes or for the
development, construction,
maintenance or repair of
other property, plant and
equipment;
(ii) have been acquired,
constructed or developed
with the intention of being
used on a continuing basis;
and
(iii) are not intended for sale
in the ordinary course of
business.
Property, plant and
equipment are tangible
items that:
(a) are held for use in the
production or supply of
goods or services, for rental
to others, or for
administrative purposes; and
(b) are expected to be
used during more than one
period.
Recognition
The recognition criteria are
as follows:
(a) the item has an
appropriate basis of
measurement and a
reasonable estimate can be
made of the amount
involved; and
(b) for items involving
obtaining or giving up future
economic benefits, it is
probable that such benefits
will be obtained or given up.
The cost of an item of
property, plant and
equipment shall be
recognised as an asset if, and
only if:
(a) it is probable that
future economic benefits
associated with the item will
flow to the entity; and
(b) the cost of the item can
be measured reliably.
Measurement Initial
Property, plant and
equipment shall be recorded
at cost.
An item of property, plant
and equipment that qualifies
for recognition as an asset
shall be measured at its cost.
Transaction Costs
Transaction costs are
incremental costs that are
directly attributable to the
acquisition, issue or disposal
Transaction costs include
fees and commission paid to
agents (including employees
acting as selling agents),
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Description
PPE ASPE (sections 3061, 1000) IFRS (IAS 16,36) Nature Property, plant and Property, plant and equipment are identifiable equipment are tangible tangible assets that meet all items that: of the following criteria: (i) are held for use in the (a) are held for use in the production or supply of production or supply of goods and services, for rental goods or services, for rental to others, for administrative to others, or for purposes or for the administrative purposes; and development, construction, maintenance or repair of (b) are expected to be other property, plant and used during more than one equipment; period. (ii) have been acquired, constructed or developed with the intention of being used on a continuing basis; and (iii) are not intended for sale in the ordinary course of business. Recognition The recognition criteria are The cost of an item of as follows: property, plant and (a) the item has an equipment shall be appropriate basis of recognised as an asset if, and measurement and a only if: reasonable estimate can be made of the amount (a) it is probable that involved; and future economic benefits (b) for items involving associated with the item will obtaining or giving up future flow to the entity; and economic benefits, it is probable that such benefits (b) the cost of the item can will be obtained or given up. be measured reliably. Measurement Initial Property, plant and An item of property, plant equipment shall be recorded and equipment that qualifies at cost. for recognition as an asset shall be measured at its cost. Transaction Costs Transaction costs are Transaction costs include incremental costs that are fees and commission paid to directly attributable to the agents (including employees acquisition, issue or disposal acting as selling agents),
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