IFRS: Property, Plant and Equipment (PPE)

Online Course on IFRS:
Property, Plant and Equipment

Property, Plant and Equipment (PPE) plays a crucial role in the financial statements of many entities. They often make up one of the largest items on the statement of financial position and also play a big part in the statement of comprehensive income through the charging of
depreciation and impairment.

Accounting for them appropriately is therefore often vital.

This course looks at accounting for PPE through two Standards in particular. IAS 16 is the IFRS Standard that covers PPE specifically and IAS 36 covers the
connected issue of impairment.

The course explains all the key accounting requirements and disclosures and
discussesthem in detail, and is designed to enable you to make sound judgements
as well as to understand the standards.

Understanding IFRS: Property, Plant and Equipment enables the learner to:

• Recognise what the overall rule for a PPE asset is
• Understand how the cost of an asset is charged against profits in a way that reflects its usage
• Define key concepts in various PPE disclosures such as impairments and business combinations
• Decide if an asset is impaired and if so, what actions to follow
• Identify key rules with relation to estimating future cash flows, and recognising and measuring impairment losses

 

Learning outcomes of IFRS: Property, Plant and Equipment

Recognition Rules for PPE
• What is the objective and scope of IAS 16?
• What is the overall rule on recognition?
• What are capitalisation thresholds?
• What happens when PPE has more than one element involved?
• How should a PPE asset be measured initially?
• How should an asset be measured after initial recognition?
• When should a PPE asset be derecognised?

Depreciation
• What is depreciation?
• What depreciation methods should be user?
• How often should asset lives and residual value be reviewed?
• How should depreciation be accounted for?

Disclosures
• What PPE disclosures are required by IAS 16?
• What is an impairment?
• What is a business combination?
• What is a net foreign exchange difference on translation?
• Are there other additional disclosures necessary?
• What about disclosures relating to revaluations?

Impairments
• What is the overall objective of IAS 36?
• Are any specific areas omitted from IAS 36?
• What might indicate an asset is impaired?
• How do we measure “recoverable amount”?
• What are the rules on estimating future cash flows?
• How do we recognise and measure an impairment loss?

Target audience for IFRS: Property, Plant and Equipment

Anyone engaged either in the preparation of financial reports based on IFRS or their audit, as well as users of company accounts wishing to gain a fuller insight into the treatment of this important class of asset

About the Author of IFRS: Property, Plant and Equipment

Dr Wayne Bartlett specialises in public sector financial management and budgeting and has worked as a consultant and lecturer throughout the world.
 
After 7 years in the NHS in the UK, he joined the Home Office as Head of Accountancy Advice.
He has worked closely with a number of Supreme Audit Institutions and has become an expert of the implementation of international accounting standards.

Flexible learning

Learners take their own route through the topics covered in the course. They will learn at their own pace through a variety of activities designed to accommodate a range of learning styles.

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