CONTENTS

COMPILATION DETAILS

Comparison With IAS 16

Accounting Standard

AASB 116 Property, Plant and Equipment

Paragraphs

Objective 1

Application Aus1.1 – Aus1.7

Reduced Disclosure Requirements Aus1.8 – Aus1.10

Scope 2 – 5

Definitions 6 – Aus6.2

Recognition 7 – 10

Initial Costs 11

Subsequent Costs 12 – 14

Measurement at Recognition 15 – Aus15.3

Elements of Cost 16 – 22A

Measurement of Cost 23 – 28

Measurement after Recognition 29

Cost Model 30

Revaluation Model 31 – 42

Depreciation 43 – 49

Depreciable Amount and Depreciation Period 50 – 59

Depreciation Method 60 – 62A

Impairment 63

Compensation for Impairment 65 – 66

Derecognition 67 – 72

Disclosure 73 – 79

Transitional Provisions 80A – 80C

Effective Date 81D – 81K

AUSTRALIAN IMPLEMENTATION GUIDANCE Page 21

DELETED IAS 16 TEXT Page 22

BASIS FOR CONCLUSIONS ON IAS 16
(available on the AASB website)

Australian Accounting Standard AASB 116 Property, Plant and Equipment (as amended) is set out in paragraphs 1 – 81K. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 116 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.