Page 5 - Finac1 Test 3 slides - 1. Property, Plant and Equipment

TEST 3 PREPARATION

Introduction – IAS 16

• The standard prescribes the accounting treatment

for property, plant and equipment.

• Property, plant and equipment are tangible assets

held by the entity to be used in the production or

supply of goods or services, for rental to others, or

for administration purposes.

• It is expected that the assets will be used during

more than one accounting period.

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