PROPERTY, PLANT AND EQUIPTMENT (PPE). FRS 116: Property, Plant and Equipment FRS 104: Depreciation Accounting FRS 136: Impairment of Assets. Definitions (FRS 116) para 10.
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PROPERTY, PLANT AND EQUIPTMENT (PPE)
FRS 116: Property, Plant and Equipment
FRS 104: Depreciation Accounting
FRS 136: Impairment of Assets
REVALUATION OF FIXED ASSETS (PPE)
When to revalue?
C 300,000450,000350,000sold for 370,000
Record the above transaction.
IMPAIRMENT OF ASSETSFRS 136
revised carrying amount
The lower of
Net Selling Price
Value in use
A fall in market value of the asset
Material adverse changes in regulatory environment
Material adverse changes in markets
Material long-term increases in market rates of return used for discounting
Material changes in operation
Evidence of obsolescence or physical damage of an asset
1. Draft the balance sheet extracts at 31.12.2004; and
2. Draft the balance sheet extracts at 31.12.2005 if the demand for boats has increased and the boats now have a recoverable amount of: