FRS16.docx

FRS16.docx

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FRS16

Financial

ReportingStandard

FRS16

Property,PlantandEquipment

FRS16Property,PlantandEquipmentwasissuedbytheCCDGinJanuary2003andwasoperativeforfinancialstatementscoveringperiodsbeginningonorafter1January1997.

ThisStandardwasrevisedinJuly2004andsupersedesFRS16Property,PlantandEquipmentissuedinJanuary2003.ConsequentialamendmentsweremadeinSeptember2004,August2005andJuly2007.

Contents

Paragraphs

INTRODUCTIONIN1-IN15

FinancialReportingStandard16

Property,PlantandEquipment

OBJECTIVE11

SCOPE2-5

DEFINITIONS6

RECOGNITION7-14

InitialCosts11

SubsequentCosts12-14

MEASUREMENTATRECOGNITION15-28

ElementsofCost16-22

MeasurementofCost23-28

MEASUREMENTAFTERRECOGNITION29-66

CostModel30

RevaluationModel31-42

Depreciation43-62

Depreciableamountanddepreciationperiod50-59

Depreciablemethod60-62

Impairment63-64

CompensationforImpairment65-66

DERECOGNITION67-72

DISCLOSURE73-79

TRANSITIONALPROVISIONS80

EFFECTIVEDATE81

WITHDRAWALOFOTHERPRONOUNCEMENTS82-83

APPENDIX:

AmendmentstoOtherPronouncements

TABLEOFCONCORDANCE

FinancialReportingStandard16Property,PlantandEquipment（FRS16）issetoutinparagraphs1-83andtheAppendix.Alltheparagraphshaveequalauthority.FRS16shouldbereadinthecontextofitsobjective,thePrefacetoFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.FRS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.

Introduction

IN1.FinancialReportingStandard16Property,PlantandEquipment（FRS16）replacesFRS16Property,PlantandEquipment（issuedin2003）,andshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.TheStandardalsoreplacesthefollowingInterpretations:

•INTFRS6CostsofModifyingExistingSoftware

•INTFRS14Property,PlantandEquipment—CompensationfortheImpairmentorLossofItems

•INTFRS23Property,PlantandEquipment—MajorInspectionorOverhaulCosts.

ReasonsforRevisingFRS16

IN2.TheCouncilonCorporateDisclosureandGovernanceissuedthisrevisedFRS16aspartoftheimprovementstoFinancialReportingStandards.Theobjectivesoftheimprovementsweretoreduceoreliminatealternatives,redundanciesandconflictswithintheStandards,todealwithsomeconvergenceissuesandtomakeotherimprovements.

IN3.ForFRS16,themainobjectivewasalimitedrevisiontoprovideadditionalguidanceandclarificationonselectedmatters.Thefundamentalapproachtotheaccountingforproperty,plantandequipmentcontainedinFRS16wasnotconsidered.

TheMainChanges

IN4.ThemainchangesfromthepreviousversionofFRS16aredescribedbelow.

Scope

IN5.ThisStandardclarifiesthatanentityisrequiredtoapplytheprinciplesofthisStandardtoitemsofproperty,plantandequipmentusedtodevelopormaintain（a）biologicalassetsand（b）mineralrightsandmineralreservessuchasoil,naturalgasandsimilarnon-regenerativeresources.

Recognition—SubsequentCosts

IN6.Anentityevaluatesunderthegeneralrecognitionprincipleallproperty,plantandequipmentcostsatthetimetheyareincurred.Thosecostsincludecostsincurredinitiallytoacquireorconstructanitemofproperty,plantandequipmentandcostsincurredsubsequentlytoaddto,replacepartof,orserviceanitem.ThepreviousversionofFRS16containedtworecognitionprinciples.Anentityappliedthesecondrecognitionprincipletosubsequentcosts.

MeasurementatRecognition—AssetDismantlement,RemovalandRestorationCosts

IN7.Thecostofanitemofproperty,plantandequipmentincludesthecostsofitsdismantlement,removalorrestoration,theobligationforwhichanentityincursasaconsequenceofinstallingtheitem.Itscostalsoincludesthecostsofitsdismantlement,removalorrestoration,theobligationforwhichanentityincursasaconsequenceofusingtheitemduringaparticularperiodforpurposesotherthantoproduceinventoriesduringthatperiod.ThepreviousversionofFRS16includedwithinitsscopeonlythecostsincurredasaconsequenceofinstallingtheitem.

MeasurementatRecognition—AssetExchangeTransactions

IN8.Anentityisrequiredtomeasureanitemofproperty,plantandequipmentacquiredinexchangeforanon-monetaryassetorassets,oracombinationofmonetaryandnon-monetaryassets,atfairvalueunlesstheexchangetransactionlackscommercialsubstance.UnderthepreviousversionofFRS16,anentitymeasuredsuchanacquiredassetatfairvalueunlesstheexchangedassetsweresimilar.

MeasurementafterRecognition—RevaluationModel

IN9.Iffairvaluecanbemeasuredreliably,anentitymaycarryallitemsofproperty,plantandequipmentofaclassatarevaluedamount,whichisthefairvalueoftheitemsatthedateoftherevaluationlessanysubsequentaccumulateddepreciationandaccumulatedimpairmentlosses.UnderthepreviousversionofFRS16,useofrevaluedamountsdidnotdependonwhetherfairvalueswerereliablymeasurable.

Depreciation—UnitofMeasure

IN10.Anentityisrequiredtodeterminethedepreciationchargeseparatelyforeachsignificantpartofanitemofproperty,plantandequipment.ThepreviousversionofFRS16didnotasclearlysetoutthisrequirement.

Depreciation—DepreciableAmount

IN11.Anentityisrequiredtomeasuretheresidualvalueofanitemofproperty,plantandequipmentastheamountitestimatesitwouldreceivecurrentlyfortheassetiftheassetwerealreadyoftheageandintheconditionexpectedattheendofitsusefullife.ThepreviousversionofFRS16didnotspecifywhethertheresidualvaluewastobethisamountortheamount,inclusiveoftheeffectsofinflation,thatanentityexpectedtoreceiveinthefutureontheasset’sactualretirementdate.

Depreciation—DepreciationPeriod

IN12.Anentityisrequiredtobegindepreciatinganitemofproperty,plantandequipmentwhenitisavailableforuseandtocontinuedepreciatingituntilitisderecognised,evenifduringthatperiodtheitemisidle.ThepreviousversionofFRS16didnotspecifywhendepreciationofanitembeganandspecifiedthatanentityshouldceasedepreciatinganitemthatithadretiredfromactiveuseandwasholdingfordisposal.

Derecognition—DerecognitionDate

IN13.Anentityisrequiredtoderecognisethecarryingamountofanitemofproperty,plantandequipmentthatitdisposesofonthedatethecriteriaforthesaleofgoodsinFRS18Revenuewouldbemet.ThepreviousversionofFRS16didnotrequireanentitytousethosecriteriatodeterminethedateonwhichitderecognisedthecarryingamountofadisposed-ofitemofproperty,plantandequipment.

IN14.Anentityisrequiredtoderecognisethecarryingamountofapartofanitemofproperty,plantandequipmentifthatparthasbeenreplacedandtheentityhasincludedthecostofthereplacementinthecarryingamountoftheitem.ThepreviousversionofFRS16didnotextenditsderecognitionprincipletosuchparts;rather,itsrecognitionprincipleforsubsequentexpenditureseffectivelyprecludedthecostofareplacementfrombeingincludedinthecarryingamountoftheitem.

Derecognition—GainClassification

IN15.Anentitycannotclassifyasrevenueagainitrealisesonthedisposalofanitemofproperty,plantandequipment.ThepreviousversionofFRS16didnotcontainthisprovision.

FINANCIALREPORTINGSTANDARDFRS16

Property,PlantandEquipment

Objective

1.TheobjectiveofthisStandardistoprescribetheaccountingtreatmentforproperty,plantandequipmentsothatusersofthefinancialstatementscandiscerninformationaboutanentity’sinvestmentinitsproperty,plantandequipmentandthechangesinsuchinvestment.Theprincipalissuesinaccountingforproperty,plantandequipmentaretherecognitionoftheassets,thedeterminationoftheircarryingamountsandthedepreciationchargesandimpairmentlossestoberecognisedinrelationtothem.

Scope

2.ThisStandardshallbeappliedinaccountingforproperty,plantandequipmentexceptwhenanotherStandardrequiresorpermitsadifferentaccountingtreatment.

3.ThisStandarddoesnotapplyto:

（a）property,plantandequipmentclassifiedasheldforsaleinaccordancewithFRS105Non-currentAssetsHeldforSaleandDiscontinuedOperations;

（b）biologicalassetsrelatedtoagriculturalactivity（seeFRS41Agriculture）;

（c）therecognitionandmeasurementofexplorationandevaluationassets（seeFRS106ExplorationforandEvaluationofMineralResources）;or

（d）mineralrightsandmineralreservessuchasoil,naturalgasandsimilarnon-regenerativeresources.

However,thisStandardappliestoproperty,plantandequipmentusedtodevelopormaintaintheassetsdescribedin（b）-（d）.

4.OtherStandardsmayrequirerecognitionofanitemofproperty,plantandequipmentbasedonanapproachdifferentfromthatinthisStandard.Forexample,FRS17Leasesrequiresanentitytoevaluateitsrecognitionofanitemofleasedproperty,plantandequipmentonthebasisofthetransferofrisksandrewards.However,insuchcasesotheraspectsoftheaccountingtreatmentfortheseassets,includingdepreciation,areprescribedbythisStandard.

5.AnentityshallapplythisStandardtopropertythatisbeingconstructedordevelopedforfutureuseasinvestmentpropertybutdoesnotyetsatisfythedefinitionof‘investmentproperty’inFRS40InvestmentProperty.Oncetheconstructionordevelopmentiscomplete,thepropertybecomesinvestmentpropertyandtheenti