Accounting Standard AASB 116 Property, Plant and Equipment as amended
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2017. It takes into account amendments up to and including 12 December 2014 and was prepared on 24 February 2015 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 116 (July 2004) as amended by other Accounting Standards, which are listed in the Table below.
Table of Standards
Standard
Date made
Application date(annual reporting periods … on or after …)
Application, saving or transitional provisions
AASB 116
15 Jul 2004
(beginning) 1 Jan 2005
AASB 2004-1
9 Dec 2004
(beginning) 1 Jan 2005
–
AASB 2007-4
30 Apr 2007
(beginning) 1 Jul 2007
see (a) below
AASB 2007-6
14 Jun 2007
(beginning) 1 Jan 2009
see (b) below
AASB 2007-8
24 Sep 2007
(beginning) 1 Jan 2009
see (c) below
AASB 2007-9
13 Dec 2007
(beginning) 1 Jul 2008
see (d) below
AASB 2007-10
13 Dec 2007
(beginning) 1 Jan 2009
see (c) below
AASB 2008-3
6 Mar 2008
(beginning) 1 Jul 2009
see (e) below
AASB 2008-5
24 Jul 2008
(beginning) 1 Jan 2009
see (f) below
AASB 2009-6
25 Jun 2009
(beginning) 1 Jan 2009and (ending) 30 Jun 2009
see (g) below
AASB 2010-2
30 Jun 2010
(beginning) 1 Jul 2013
see (h) below
AASB 2011-8
2 Sep 2011
(beginning) 1 Jan 2013
see (i) below
AASB 2012-5
29 Jun 2012
(beginning) 1 Jan 2013
Part compilation details - AASB 116 - Property, Plant and Equipment - July 2004 - compilation details | Zoe
see (j) below
AASB 2014-1
4 Jun 2014
Pt A (beginning) 1 Jul 2014Pt C (beginning) 1 Jul 2014
see (k) belowsee (l) below
AASB 2014-4
11 Aug 2014
(beginning) 1 Jan 2016
see (m) below
AASB 2014-5
12 Dec 2014
(beginning) 1 Jan 2017
see (n) below
AASB 2014-6
12 Dec 2014
(beginning) 1 Jan 2016
see (o) below
(a) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2007.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 123 Borrowing Costs (June 2007) is also applied to such periods.
(c) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements (September 2007) is also applied to such periods.
(d) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2008, provided that the Standards and Interpretation listed in paragraph 6 of AASB 2007-9 are also applied to such periods.
(e) Entities may elect to apply this Standard to annual reporting periods beginning on or after 30 June 2007 but before 1 July 2009, provided that AASB 3 Business Combinations (March 2008) and AASB 127 Consolidated and Separate Financial Statements (March 2008) are also applied to such periods.
(f) Entities may elect to apply this Standard, or its amendments to individual Standards, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009.
(g) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements (September 2007) is also applied to such periods, and to annual reporting periods beginning on or after 1 January 2009 that end before 30 June 2009.
(h) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards is also applied to such periods.
(i) AASB 2011-8 has been amended by AASB 2011-10 (made 5 September 2011) and AASB 2012-6 (made 10 September 2012).
Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that AASB 13 Fair Value Measurement is also applied to such periods.
(j) Entities may elect to apply this Standard, or its amendments to individual pronouncements, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013.
(k) Entities may elect to apply Part A of this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2014.
(l) Entities may elect to apply Part C of this Standard to annual reporting periods beginning on or after 1 January 2014 but before 1 July 2014.
(m) Entities may elect to apply this Standard, or its amendments to individual Standards, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016.
(n) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2017, provided that AASB 15 Revenue from Contracts with Customers is also applied to such periods.
(o) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016.
Table of Amendments to Standard
Paragraph affected
How affected
By … [paragraph]
1
amended
AASB 2007-10 [59]
Aus1.1
amended
AASB 2007-8 [7, 8]
Aus1.4
amendeddeleted
AASB 2007-8 [8]AASB 2014-1C [49, 50]
Aus1.8-Aus1.10 (and preceding heading)
added
AASB 2010-2 [31]
3
amendedamended
AASB 2004-1 [7]AASB 2014-6 [8]
5
amended
AASB 2008-5 [23]
6
amendedamendedamended
AASB 2008-5 [23]AASB 2011-8 [13]AASB 2014-6 [8]
Aus6.2
added
AASB 2007-9 [16]
8
amended
AASB 2012-5 [12]
22A
added
AASB 2014-6 [9]
23
amended
AASB 2007-6 [14]
24
amended
AASB 2007-4 [50]
26
amended
AASB 2011-8 [46]
28
added
AASB 2007-4 [49]
31
amended
AASB 2007-8 [6]
32-33
deleted
AASB 2011-8 [47]
35
amendedamendedamended
AASB 2007-4 [50]AASB 2011-8 [48]AASB 2014-1A [24]
37
amended
AASB 2014-6 [8]
39
amended
AASB 2007-8 [61]
Aus39.1
amended
AASB 2009-6 [46]
40
amended
AASB 2007-8 [61]
Aus40.1
amended
AASB 2009-6 [47]
41
amended
AASB 2009-6 [48]
44
amended
AASB 2008-3 [42]
56
amended
AASB 2014-4 [7]
62A
added
AASB 2014-4 [7]
68A
addedamended
AASB 2008-5 [24]AASB 2014-5 [29]
69
amendedamended
AASB 2008-5 [23]AASB 2014-5 [29]
72
amended
AASB 2014-5 [29]
73
amendedamended
AASB 2007-8 [62]AASB 2007-10 [59]
RDR73.1
added
AASB 2010-2 [31]
74
amendedamended
AASB 2007-8 [6] AASB 2007-10 [59]
75
amended
AASB 2007-10 [59]
77
amendedamended
AASB 2009-6 [48]AASB 2011-8 [48]
79
amended
AASB 2007-10 [60]
80A (preceding heading)
amended
AASB 2014-6 [10]
80A
added
AASB 2014-1A [24]
80B-80C
added
AASB 2014-6 [9]
81 (preceding heading)
amended
AASB 2008-5 [25]
81B
note added
AASB 2007-8 [63]
81C
note added
AASB 2008-3 [43]
81D
added
AASB 2008-5 [26]
81E
added
AASB 2008-5 [26]
81F
added
AASB 2011-8 [49]
81G
added
AASB 2012-5 [12]
81H
added
AASB 2014-1A [24]
81I
added
AASB 2014-4 [7]
81J
added
AASB 2014-5 [29]
81K
added
AASB 2014-6 [9]
Table of Amendments to Australian Guidance
Paragraph affected
How affected
By … [paragraph]
G1-G11
deleted
AASB, Apr 2006 *
G1-G4
added
AASB 2007-9 [17]
* The AASB decided at its meeting on 6 April 2006 to delete all of the Australian Guidance then accompanying, but not part of, AASB 116. The decision had immediate effect.