DELETED ias 16 TEXT

Deleted IAS 16 text is not part of AASB 116.

Paragraph 80

The requirements of paragraphs 24-26 regarding the initial measurement of an item of property, plant and equipment acquired in an exchange of assets transaction shall be applied prospectively only to future transactions.

Paragraph 81

An entity shall apply this Standard for annual periods beginning on or after 1 January 2005. Earlier application is encouraged. If an entity applies this Standard for a period beginning before 1 January 2005, it shall disclose that fact.

Paragraph 81B

IAS 1 Presentation of Financial Statements (as revised in 2007) amended the terminology used throughout IFRSs. In addition it amended paragraphs 39, 40 and 73(e)(iv). An entity shall apply those amendments for annual periods beginning on or after 1 January 2009. If an entity applies IAS 1 (revised 2007) for an earlier period, the amendments shall be applied for that earlier period.

Paragraph 81C

IFRS 3 Business Combinations (as revised in 2008) amended paragraph 44. An entity shall apply that amendment for annual periods beginning on or after 1 July 2009. If an entity applies IFRS 3 (revised 2008) for an earlier period, the amendment shall also be applied for that earlier period.

Paragraph 82

This Standard supersedes IAS 16 Property, Plant and Equipment (revised in 1998).

Paragraph 83

This Standard supersedes the following Interpretations:

(a) SIC-6 Costs of Modifying Existing Software;

(b) SIC-14 Property, Plant and Equipment—Compensation for the Impairment or Loss of Items; and

(c) SIC-23 Property, Plant and Equipment—Major Inspection or Overhaul Costs.