STRUCTURE OF IAS 16 “PROPERTY, PLANT AND EQUIPMENT” STANDARD AND ITS FEATURES

Ochilov Ilyos Keldiyorovich; Khokhkhorova Mokhigul Abdurashid kizi

Authors

Ochilov Ilyos Keldiyorovich Doctor of Economic science, Associate Professor of “Accounting” Department, Tashkent State University of Economics, Tashkent, Uzbekistan.
Khokhkhorova Mokhigul Abdurashid kizi Student of BH-5 group, Master`s degree and evening education faculty, Tashkent State University of Economics

Keywords:

cost model, revaluation model, depreciation, measurement, gain, loss, disposal, residual value, useful life.

Abstract

The International Accounting Standards Committee issued the the International Accounting Standard 16 Property, Plant and Equipment. The objective of IAS 16 is to prescribe the accounting treatment for Property, Plant and Equipment (PPE) so that users of the financial statements can discern information about an entity's investment in its PPE and the changes in such investment. The principal issues in accounting for PPE are the recognition of the assets, the determination of their carrying amounts, and the associated depreciation charges and impairment losses to be recognized in relation to them. This article presents a closer look of standard (objective, scope, definitions, classification presentation and disclosures).

References

IAS -16 “Property, Plant and Equipment” standard, International Accounting Standards Board, May 2020

ACCA Applied Skills Financial Reporting (FR) Study text, 2023-2024, Kaplan Publishing UK

ACCA Applied Skills Financial Reporting (FR) Workbook, 2023-2024, BPP Learning Media

Barth, M.E., Landsman, W.R., & Lang, M.H. (2008). International Accounting Standards and Accounting Quality. Journal of Accounting Research, 46(3), 467-498.

DeFond, M., Hu, X., Hung, M., & Li, S. (2011). The impact of mandatory IFRS adoption on foreign mutual fund ownership: The role of comparability. Journal of Accounting and Economics, 51(3), 240-258.