IND AS 16 – Property, Plant and Equipment – CA Final – Financial Reporting – Revision Series

IND AS 16 – Property, Plant and Equipment Definition : They are tangible Assets, which are held for production or for supply of goods and services, for rentals or for administrative purpose and held for more than one period. Recognition : When it is certain that future economic benefit will arrive to the entity and when the cost is measured realiably Measured : Initially at cost and subsequently at cost or revaluation model Depreciation : Reduction in value of asset, starts when asset is ready for use and stops if asset is classified as held for sale or asset is derecognised Derecognized : When asset is sold or no future economic benefit is available