BUSI 2001 Study Guide - Quiz Guide: Intangible Asset, Capital Asset, Impaired Asset

• School: Carleton University
• Department: Business
• Course: BUSI 2001
• Professor: Ouafa Sakka

Document Summary

6 property, plant & equipment recognition, measurement, Property, plant and equipment: defined as tangible items that: Are held for use in the production or supply of goods and services, for rental to others, or for administrative purposes; and. The cost of the item can be measured reliably (ias 16. 7) Jacques maurice, 2015property, plant and equipment - cont"d the general recognition principle applies to. (i) the initial recognition of an asset, (ii) when parts of that asset are replaced, and. Assets acquired voluntarily can only be capitalized if they meet the recognition criteria. There is an increase in the previously assessed physical output or service capacity, The life or extended useful life is extended, or. The quality of the output is improved. Initial cost of an asset the purchase price the amount of cash or cash equivalents paid or the fair value of the other consideration given to acquire the asset.