Access the standard
- 2023 Issued Standard – IAS 16
The 2023 Issued Standards include all amendments issued up to and including 1 January 2023.
Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).
Summary
Property, plant and equipment (PPE) should be recognised initially at cost.
- Cost comprises all directly attributable costs in bringing the asset to the location and condition necessary for normal use.
- Subsequently, either the cost or revaluation model may be applied. An entity must apply the same measurement model consistently to each class of PPE.
- Revaluation surpluses are recognised as other comprehensive income and accumulated in equity.
- Items of PPE must be depreciated on a systematic basis over their useful life.
- On disposal, the difference between the carrying amount of the asset and proceeds received is recognised in profit or loss.
Recent amendments
Log in to read more
These resources are available exclusively to Corporate Reporting Faculty subscribers, ICAEW members and students.
Related IFRIC interpretations
UK reduced disclosures – FRS 101
UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.
Log in to read more
These resources are available exclusively to Corporate Reporting Faculty subscribers, ICAEW members and students.
ICAEW factsheets and guides
The Corporate Reporting Faculty's annual IFRS factsheets provide a more detailed discussion of recent IFRS amendments.
The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact library@icaew.com.