Page 161 - F1 Integrated Workbook STUDENT 2018

Non-current assets – Acquisition, Depreciation and Subsequent
Recognition

IAS 16 – Property, Plant and

Equipment

1.1 Definition

Property, plant and equipment are tangible assets that:

 are held by an entity for use in the production or supply of goods
or services, for rental to others, or for administrative purposes and

 are expected to be used during more than one accounting period.

151