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  • Written by Muhammad Ejaz
  • 23 Jul

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These items may be necessary for the entity to obtain future economic benefits from its other assets. For1.5 Safety and environmental equipment this reason they are recognized as assets. However, free acca books pdf the original assets plus the safety equipment shoul be reviewed for impairment.

1.6 Initial measurement

Once an item of property, plant free acca books download pdf and equipment qualifies for recognition as an asset, it will initially be

measured at cost.

1.6.1 Components of cost

The standard lists the components of the cost free acca study materails of an item of property, plant and equipment.

Purchase price, less any trade discount or rebate

Import duties and non-refundable purchase taxes

Directly attributable costs free accounting books of bringing the asset to working condition for its intended use, eg:

– The cost of site preparation

– Initial delivery and handling costs

– Installation costs

– Testing

– Professional fees (architects, engineers)

 Initial estimate of the unavoidable cost of dismantling and removing the asset and restoring the site on which it is located

The revised IAS 16 provides additional guidance on directly acca study materails  attributable costs included in the cost of an item of property, plant and equipment.

(a) These costs bring the asset to the location and working conditions necessary for it to be capable of operating in the manner intended by management, including those costs to test whether the asset is functioning properly.

(b) They are determined after deducting the net proceeds from selling any items produced when bringing the asset to its location and condition.

The revised standard also states that income and related expenses of operations that are incidental to the construction or development of an item of property, plant and equipment should be recognized in profit or loss.

The following costs will not be part of the cost of property, plant or equipment unless they can be attributed directly to the asset's acquisition, or bringing it into its working condition.

 Administration and other general overhead costs

 Start-up and similar pre-production costs

 Initial operating losses before the asset reaches planned performance free download for pdf All of these will be recognized as an expense rather than an asset.

In the case of self-constructed assets, the same principles are applied as for acquired assets. If the entity makes similar assets during the normal course of business for sale externally, then the cost of the asset will be the cost of its production under IAS 2 Inventories. This also means that abnormal costs (wasted material, labor or other resources) are excluded from the cost of the asset.exam preparation & tutoring An example of a self constructed asset is when a building company builds its own head office.

1.6.2 Subsequent expenditure

Parts of some items of property, plant and equipment may require replacement at regular intervals. IAS 16 gives examples of a furnace which may require relining after a specified number of hours or aircraft interiors which may require replacement several times during the life of the aircraft.

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 FREE ACCA P7  BPP TEXT BOOK 2017-2018 - Acca Lsbf Video Lectures Free Download

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