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Thread: 08 - Indian Accounting Standard (Ind AS) 16 - Earlier Accounting standard (6 & 10) - Property, Plant and Equipment

  1. #21
    IND-AS
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    Thumbs up Illustrative examples of Changes in Existing Decommissioning, Restoration and Similar Liabilities of Indian Accounting Standard (Ind AS) 16

    Illustrative examples of Changes in Existing Decommissioning, Restoration and Similar Liabilities of Indian Accounting Standard (Ind AS) 16 - Earlier Accounting standard (6 & 10)

    Property, Plant and Equipment



    Illustrative examples of Changes in Existing Decommissioning, Restoration and Similar Liabilities


    (These examples accompany, but are not part of, Appendix A.)

    Common facts

    IE1. An entity has a nuclear power plant and a related decommissioning liability.
    The nuclear power plant started operating on 1 January 2000. The plant has a useful life of 40 years. Its initial cost was Rs. 120,000 ; this included an amount for decommissioning costs of Rs. 10,000, which represented Rs. 70,400 in estimated cash flows payable in 40 years discounted at a risk -adjusted rate of 5 per cent. The entity’s financial year ends on 31 December.

    For Illustrative examples u Can download this in pdf format

    Attached Files Attached Files

  2. #22
    IND-AS
    Guest

    Thumbs up Appendix - B of Indian Accounting Standard (Ind AS) 16 - Earlier Accounting standard (6 & 10) - Property, Plant and Equipment

    Appendix - B of Indian Accounting Standard (Ind AS) 16 - Earlier Accounting standard (6 & 10)

    Property, Plant and Equipment


    Appendix - B


    References to matters contained in other Indian Accounting Standards

    This Appendix is an integral part of Ind AS 16 .

    This appendix lists the appendices which are part of other Indian Accounting Standards and make reference to Ind AS 16, Property, Plant and Equipment

    1. Appendix A, Income Taxes–––Recovery of Revalued Non-Depreciable Assets contained in Ind AS 12.

    2. Appendix A, Service Concession Arrangements contained in Ind AS 11 Construction Contracts.

    3. Appendix B, Service Concession Arrangements: Disclosures contained in Ind AS 11 Construction Contracts.

    4. Appendix C, Determining whether an Arrangement contains a Lease contained in Ind AS 17 Leases.

    5. Appendix A, Intangible Assets—Web Site Costs contained in Ind AS 38 Intangible Assets.

    6. Appendix C, Transfers of Assets from Customers contained in Ind AS 18 Revenue.


  3. #23
    IND-AS
    Guest

    Thumbs up Appendix - 1 of Indian Accounting Standard (Ind AS) 16 - Earlier Accounting standard (6 & 10) - Property, Plant and Equipment

    Appendix - 1 of Indian Accounting Standard (Ind AS) 16 - Earlier Accounting standard (6 & 10)

    Property, Plant and Equipment


    Appendix - 1

    Note: This Appendix is not a part of this Indian Accounting Standard. The purpose of this Appendix is only to bring out the differences, if any, between Indian Accounting Standard (Ind AS) 16 and the corresponding International Accounting Standard (IAS) 16, Property, Plant and Equipment and IFRIC 1, Changes in Existing Decommissioning, Restoration and Similar Liabilities.

    Comparison with IAS 16, Property, Plant and Equipment and IFRIC 1, Changes in Existing Decommissioning, Restoration and Similar Liabilities.

    1. The transitional provisions given in IAS 16 and IFRIC 1 have not been given in Ind AS 16, since all transitional provisions related to Ind ASs, wherever considered appropriate have been included in Ind AS 101, First-time Adoption of Indian Accounting Standards corresponding to IFRS 1, First-time Adoption of International Financial Reporting Standards.

    2. Different terminology is used in this standard, e.g., the term ‘balance sheet’ is used instead of ‘Statement of financial position’ and ‘Statement of profit’ and loss is used instead of ‘Statement of comprehensive income’.

    3. Paragraph number 64 appears as ‘Deleted ‘in IAS 16. In order to maintain consistency with paragraph numbers of IAS 16, the paragraph number is retained in Ind AS 16.



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