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IAS16©IASCF1123InternationalAccountingStandard16Property,PlantandEquipmentThisversionincludesamendmentsresultingfromIFRSsissuedupto17January2008.IAS16Property,PlantandEquipmentwasissuedbytheInternationalAccountingStandardsCommitteeinDecember1993.ItreplacedIAS16AccountingforProperty,PlantandEquipment(issuedinMarch1982).IAS16wasrevisedin1998andfurtheramendedin2000.TheStandingInterpretationsCommitteedevelopedthreeInterpretationsrelatingtoIAS16:•SIC-6CostsofModifyingExistingSoftware(issuedMay1998)•SIC-14Property,PlantandEquipment—CompensationfortheImpairmentorLossofItems(issuedDecember1998)•SIC-23Property,PlantandEquipment—MajorInspectionorOverhaulCosts(issuedJuly2000).InApril2001theInternationalAccountingStandardsBoard(IASB)resolvedthatallStandardsandInterpretationsissuedunderpreviousConstitutionscontinuedtobeapplicableunlessanduntiltheywereamendedorwithdrawn.InDecember2003theIASBissuedarevisedIAS16.TherevisedstandardalsoreplacedSIC-6,SIC-14andSIC-23.Sincethen,IAS16hasbeenamendedbythefollowingIFRSs:•IFRS2Share-basedPayment(issuedFebruary2004)•IFRS3BusinessCombinations(issuedMarch2004)•IFRS5Non-CurrentAssetsHeldforSaleandDiscontinuedOperations(issuedMarch2004)•IFRS6ExplorationforandEvaluationofMineralResources(issuedDecember2004)•IAS23BorrowingCosts(asrevisedinMarch2007)•IAS1PresentationofFinancialStatements(asrevisedinSeptember2007)•IFRS3BusinessCombinations(asrevisedinJanuary2008).ThefollowingInterpretationsrefertoIAS16:•SIC-21IncomeTaxes—RecoveryofRevaluedNon-DepreciableAssets(issuedJuly2000)•SIC-29ServiceConcessionArrangements:Disclosures(issuedDecember2001andsubsequentlyamended)•SIC-32IntangibleAssets—WebSiteCosts(issuedMarch2002andsubsequentlyamended)•IFRIC1ChangesinExistingDecommissioning,RestorationandSimilarLiabilities(issuedMay2004andsubsequentlyamended)•IFRIC4DeterminingwhetheranArrangementcontainsaLease(issuedDecember2004)•IFRIC12ServiceConcessionArrangements(issuedNovember2006andsubsequentlyamended).IAS161124©IASCFCONTENTSparagraphsINTRODUCTIONIN1–IN15INTERNATIONALACCOUNTINGSTANDARD16PROPERTY,PLANTANDEQUIPMENTOBJECTIVE1SCOPE2–5DEFINITIONS6RECOGNITION7–14Initialcosts11Subsequentcosts12–14MEASUREMENTATRECOGNITION15–28Elementsofcost16–22Measurementofcost23–28MEASUREMENTAFTERRECOGNITION29–66Costmodel30Revaluationmodel31–42Depreciation43–62Depreciableamountanddepreciationperiod50–59Depreciationmethod60–62Impairment63Compensationforimpairment65–66DERECOGNITION67–72DISCLOSURE73–79TRANSITIONALPROVISIONS80EFFECTIVEDATE81–81CWITHDRAWALOFOTHERPRONOUNCEMENTS82–83APPENDIXAmendmentstootherpronouncementsAPPROVALOFIAS16BYTHEBOARDBASISFORCONCLUSIONSIAS16©IASCF1125InternationalAccountingStandard16Property,PlantandEquipment(IAS16)issetoutinparagraphs1–83andtheAppendix.AlltheparagraphshaveequalauthoritybutretaintheIASCformatoftheStandardwhenitwasadoptedbytheIASB.IAS16shouldbereadinthecontextofitsobjectiveandtheBasisforConclusions,thePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.IAS161126©IASCFIntroductionIN1InternationalAccountingStandard16Property,PlantandEquipment(IAS16)replacesIAS16Property,PlantandEquipment(revisedin1998),andshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.TheStandardalsoreplacesthefollowingInterpretations:•SIC-6CostsofModifyingExistingSoftware•SIC-14Property,PlantandEquipment—CompensationfortheImpairmentorLossofItems•SIC-23Property,PlantandEquipment—MajorInspectionorOverhaulCosts.ReasonsforrevisingIAS16IN2TheInternationalAccountingStandardsBoarddevelopedthisrevisedIAS16aspartofitsprojectonImprovementstoInternationalAccountingStandards.TheprojectwasundertakeninthelightofqueriesandcriticismsraisedinrelationtotheStandardsbysecuritiesregulators,professionalaccountantsandotherinterestedparties.Theobjectivesoftheprojectweretoreduceoreliminatealternatives,redundanciesandconflictswithintheStandards,todealwithsomeconvergenceissuesandtomakeotherimprovements.IN3ForIAS16theBoard’smainobjectivewasalimitedrevisiontoprovideadditionalguidanceandclarificationonselectedmatters.TheBoarddidnotreconsiderthefundamentalapproachtotheaccountingforproperty,plantandequipmentcontainedinIAS16.ThemainchangesIN4ThemainchangesfromthepreviousversionofIAS16aredescribedbelow.ScopeIN5ThisStandardclarifiesthatanentityisrequiredtoapplytheprinciplesofthisStandardtoitemsofproperty,plantandequipmentusedtodevelopormaintain(a)biologicalassetsand(b)mineralrightsandmineralreservessuchasoil,naturalgasandsimilarnon-regenerativeresources.Recognition:subsequentcostsIN6Anentityevaluatesunderthegeneralrecognitionprincipleallproperty,plantandequipmentcostsatthetimetheyareincurred.Thosecostsincludecostsincurredinitiallytoacquireorconstructanitemofproperty,plantandequipmentandcostsincurredsubsequentlytoaddto,replacepartof,orserviceanitem.ThepreviousversionofIAS16containedtworecognitionprincip