Page 129 - F3 -FA Integrated Workbook STUDENT 2018-19

Non-current assets: disposal and revaluation

IAS 16 disclosure requirements
IAS 16 disclosure requirements

3.1 Accounting policies and other information

IAS 16 Property Plant and Equipment includes a number of disclosure requirements
relating to non-current assets. The principal disclosure requirements relate to
disclosure of the accounting policies relating to property, plant and equipment and
are noted below:

 the measurement basis used for arriving at the carrying amount of the asset

 depreciation methods used, with details of useful lives or the depreciation rates
used

 the gross amount of each asset heading and its related accumulated
depreciation at the beginning and at the end of the accounting period

 a reconciliation of the carrying amount at the beginning and at the end of the
period, showing additions, assets classified as held for sale, disposals,
revaluations and depreciation

 any commitments for the future acquisition of property, plant and equipment
 if assets are stated at revalued amounts, the following should be disclosed:

– the effective date of the revaluation

– whether an independent valuer performed the valuation
– the methods and assumptions applied in estimating the fair value of the
item

– the carrying amount that would have been recognised had it been carried
at cost, and

– the revaluation surplus, indicating the change for the period.

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