PDF-Depreciation and IFRS

tances where productive proof input aggregation financial accounting146s allocation assertions are ambiguous and incorrigible They may be employed to code the accountant146s communication of. Reference sections: 123(2) and Schedule II. . PART-A. 1- Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. The useful life of an asset is the period over which an asset is expected to be available for use by an entity, or the number of production or similar units expected to be obtained from the asset by the entity. Investment Property. 1. Property, Plant & Equipment. PP&E is initially measured at cost. This includes all directly attributable costs to acquire and prepare the asset for its intended use.. ISA 16 states that start-up and pre-production costs are not capitalized unless the costs are a necessary part of bringing the asset to working condition.. What is Depreciation?. Decreasing the value of a fixed asset over its useful life. What do we Depreciate?. FIXED ASSETS . Examples: . Office Furniture. Automobile. Building. Except Land. We do not depreciate . All manufactured items decrease in value over time – as they wear out or are replaced by better technology.. This is called depreciation.. This is regarded as an expense.. The loss in value of an item can only be estimated as the real cost is only known when the item is sold.. EGN . 3615. ENGINEERING ECONOMICS . WITH SOCIAL AND GLOBAL IMPLICATIONS. 1. Engineering Economics and.... Chapter Outline. Basic Aspects of Depreciation. Straight-Line Depreciation. Declining Balancing. Natural Resources. , . and Intangible . Assets. 9. Learning Objectives. Explain the accounting for . plant asset . expenditures.. Apply depreciation methods . to plant . assets.. Explain how to account for . Taxonomy . 2014. . Wladek . Krawiec . IT . Project Manager – IFRS Taxonomy . © 201. 4. IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org. May. 2014. Agenda. The . IFRS Taxonomy. Depreciation. – the reduction in value of an asset. Used to reflect remaining value of an asset over its useful life.. Book Depreciation. – used by corporations for internal financial accounting. 3615. ENGINEERING ECONOMICS . WITH SOCIAL AND GLOBAL IMPLICATIONS. 1. Engineering Economics and.... Chapter Outline. Basic Aspects of Depreciation. Straight-Line Depreciation. Declining Balancing. Modified Accelerated Cost Recovery System (. Date: June 13-17, 2016. Addis Ababa. Aims. Understand accounting in the agriculture sector in accordance with:. the IFRS for SMEs (as amended in 2015); and . IFRS (including IAS 41. Agriculture . and other relevant Standards). Income Tax Fundamentals 2011 . Gerald E. . Whittenburg. &. Martha Altus-. Buller. Student Copy. 2011 Cengage Learning. Accounting Periods. Partnerships/S-Corporations may elect to adopt a different fiscal tax year from the one prescribed on previous slide, but only. J C. Hobbs. Extension Tax Specialist. 580-237-7677. jc.hobbs@okstate.edu. Depreciation Tools. Based upon 2017 Tax Laws. Options available. Use in Income Tax Management. Depreciation. What is depreciable? (Machinery, equipment, vehicles, certain livestock, buildings, and other farm assets with a useful life greater than one year.). except. the following :-. Forests, plantations and similar regenerative natural resources; . Wasting assets including expenditure on the exploration for and extraction of minerals, oils, natural gas and similar non-regenerative resources; . Jung-woo Sohn (. jzs177@psu.edu. ) . Announcements:. No class on next Thursday (December 11. th. ). Instead, we will have a class time on Wednesday evening (December 10. th. ). Around 6pm?. Topic: Final review.