GuestRecognising PPE
Source: Ind AS 16 (summary)
An item of property, plant and equipment is recognised when it is probable that future economic benefits will flow to the entity and its cost can be measured reliably. Cost includes the purchase price, directly attributable costs of bringing the asset to working condition, and the initial estimate of dismantling and restoration costs.
Typing details
- 53 words, 336 characters
- No figures
- About 2 minutes at 40 WPM
About Accounting
Accounting principles in short, plain-language summaries: double entry, accrual, going concern and prudence, then Ind AS topics such as inventories, cash flows, events after the reporting period, income taxes, property, plant and equipment, employee benefits, government grants and foreign currency.