Talk:IAS 16

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The Fixed Asset standard no longer defines a Fixed Asset.

It appears that in the process of further improving the standard, the following definition of Fixed Asset has been removed from the Fixed Asset standard.

IAS 16 applies to property, plant and equipment (PPE). The standard itself defines PPE as "tangible items that are held 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."

Definitions The following terms are used in this Standard with the meanings specified: A bearer plant is a living plant that: (a) is used in the production or supply of agricultural produce; (b) is expected to bear produce for more than one period; and 1 2 3 4 5 6 IAS 16 A1138 © IFRS Foundation (c) has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales. (Paragraphs 5A–5B of IAS 41 elaborate on this definition of a bearer plant.) Carrying amount is the amount at which an asset is recognised after deducting any accumulated depreciation and accumulated impairment losses.

https://www.ifrs.org/content/dam/ifrs/publications/pdf-standards/english/2022/issued/part-a/ias-16-property-plant-and-equipment.pdf?bypass=on 84.54.122.161 (talk) 12:33, 10 September 2023 (UTC)[reply]