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AASB 116 - Property, Plant and Equipment

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Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
Additions  
Aus 1.1 
Which entities AASB 116 applies to, ie. reporting entities and general purpose financial reports. 
 
Aus 1.2 
The application date of AASB 116, ie. annual reporting periods beginning 1 January 2005. 
 
Aus 1.3 
Prohibits early application of AASB 116. 
 
Aus 1.4 
Makes the requirements of AASB 116 subject to AASB 1031 Materiality. 
 
Aus 1.5 
Explains which Australian Standards have been superseded by AASB 116.  
 
Aus 1.6 
Clarifies that the superseded Australian Standards remain in force until AASB 116 applies. 
 
Aus 1.7 
Notice of the new Standard published on 22 July 2004. 
 
Aus 6.1 
Sets out the definition of ‘not-for-profit entity’.  
 
Aus 15.1 
Initial measurement of an asset acquired for no cost by a not-for-profit entity is at fair value at the date of acquisition. 
 
Aus 15.2 
Provides examples of assets acquired for no cost by not-for-profit entities. 
 
Aus 15.3 
Clarifies that initial measurement at fair value does not constitute an election to use the revaluation model. 
 
Aus 39.1 
Net revaluation increments are brought to account by class of asset for not-for-profit entities. The net increment is recognised to the asset revaluation reserve except to the extent that it represents a reversal of a prior net decrement for the class that was recognised in the profit or loss. 
 
Aus 40.1 
Net revaluation decrements are brought to account by class of asset for not-for-profit entities. The net decrement is recognised in the profit or loss except to the extent that it represents a reversal of a prior net increment for the class that was recognised directly to equity in the asset revaluation reserve. 
 
Aus 40.2  
Clarifies that revaluation decrements and revaluation increments for not-for-profit entities must not be offset if the assets are in different classes.  
 
Aus 77.1 
The requirement to disclose the costs of assets measured under the revaluation model does not apply to not-for-profit entities.  
 
Deletions  
80 
Transitional provision for initial measurement for exchange of assets transactions requires prospective application.  
 
81 
Effective date of IAS 16. 
 
82 
Reference to superseded IAS 16.  
 
83 
Reference to superseded SIC Interpretations – SICs 6, 14 and 23.