IFRS Learning Modules are a series of courses that provide in-depth overviews of various topics related to International Financial Reporting Standards (“IFRS”). IFRS represents the global accounting principles that provide the foundation for most of the world’s financial reporting. These Standards establish the recognition, measurement, presentation and disclosure requirements for transactions and events reflected in IFRS financial statements.
This module of the IFRS Learning Module series presents an overview of IAS 16 Property, Plant and Equipment, the accounting standard for classifying and measuring property, plant and equipment (also known as ‘fixed assets’) in IFRS financial statements. The course also discusses the IASB’s and FASB’s efforts towards achieving convergence in fixed assets reporting.
Course Publication Date:
October 30, 2023
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$30.00!
| Author: | Michael Walker |
| Course No: | ACT-IFRSPROP-7113 |
| Recommended CPE: | 3.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Accounting
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Learning Objectives
- Explain the proper accounting treatment for acquisitions of property, plant and equipment (and other associated costs) under IFRS.
- Calculate depreciation using the methods permitted under IAS 16.
- Describe the process for determining whether or not a long-lived asset is impaired under IAS 36.
- Distinguish between the ‘cost’ and ‘revaluation’ accounting models (as described in IAS 16).
- Describe the similarities and differences between IFRS and U.S. GAAP in the area of property, plant and equipment.