IND AS 16 | Property, Plant & Equipment | CA Final Nov 24 | Financial Reporting (FR) Ch 7 Unit 2v
In This Video, We Will Discuss IND AS 16 Property, Plant and Equipment all Concepts, Problems and Examples for CA Final and CA Final Financial Reporting (FR) Chapter no 7 (Unit 2) All Concepts Has been discussed by CA Ashish Sir Under the Guidance of Chandan Pooddar Sir For CA Final Grooming Education.
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Time Stamps:-
00:00 Introduction
1:32 Scope
2:42 Definition of PPE
9:53 Definition of bearer plant
11:24 Recognition of PPE
14:23 Measurement of PPE
26:17 Practical Question 1
33:10 Practical Question 2
39:41 Asset Acquired in Exchange
49:19 Recognition of Subsequent Cost
51:30 Practical Question
56:32 Subsequent Measurement
1:12:20 Treatment of Revaluation of Gain or loss
Topics Covered:-
Ind AS 16 notes
Meaning and recognition
Recognition of subsequent costs (Important)
Cost of PPE
Cost of PPE acquired in exchange
Measurement after recognition
Revaluation model
Depreciation elimination and restatement approach
Depreciation
Illustration on depreciation
Cessation of depreciation
Derecognition
Illustration (Important)
Illustration on Cost of PPE
Illustration on cost and component-based depreciation (important)
The objective of this Standard is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about an entity’s investment in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property, plant and equipment are the recognition of the assets, the determination of their carrying amounts and the depreciation charges and impairment losses to be recognised in relation to them.
This Standard shall be applied in accounting for property, plant and equipment
except when another Standard requires or permits a different accounting treatment.
A bearer plant is a living plant that:
(a) is used in the production or supply of agricultural produce;
(b) is expected to bear produce for more than one period; and
(c) has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales.
Carrying amount is the amount at which an asset is recognised after deducting any accumulated depreciation and accumulated impairment losses.
Cost is the amount of cash or cash equivalents paid or the fair value of the other
consideration given to acquire an asset at the time of its acquisition or construction
or, where applicable, the amount attributed to that asset when initially recognised in
accordance with the specific requirements of other Indian Accounting Standards, eg
Ind AS 102, Share-based Payment.
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.
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