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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 

 
Developments 
    AASB Developments
       
    • December 2007 
      AASB 2007-10 Further Amendments to Australian Accounting Standards arising from AASB 101 makes further consequential amendments to change the term ‘general purpose financial report’ to ‘general purpose financial statements’ and the term ‘financial report’ to ‘financial statements’ to better align with IFRS terminology. It is applicable from 1 January 2009, with early application permitted, provided the revised AASB 101 is also early adopted.
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    • March 2008 
      AASB 2008-3 Amendments to Australian Accounting Standards arising from AASB 3 and AASB 127 amends paragraph 44 and deletes 81C. It is applicable from 1 July 2009, with early adoption permitted from 30 June 2007, provided the revised AASB 3 and the amendments to AASB 127 are also early adopted.
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    • July 2008 
      AASB 2008-5 Amendments to Australian Accounting Standards arising from Annual Improvements Project makes amendments to paragraphs 5, 6 and 69 and adds paragraphs 68A, 81D and 81E. The definition of recoverable amount is amended to refer to ‘fair value less costs to sell’ instead of ‘net selling price’ and the sale of assets held for rental are transferred to inventory when they are held for sale, with proceeds from the sale recognised as revenue. It is applicable from 1 January 2009, with early application permitted, subject to certain other amendments of other AASBs being adopted early.
Key Differences 
There are no key differences for this standard. 
 
History 
  • July 2004: AASB 116 was issued.
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  • December 2004: AASB 2005-1 amends paragraph 3 and is applicable from 1 January 2005.
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  • April 2006: All guidance accompanying, but not part of, AASB 116 was removed.
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  • July 2006: Reissued as a compiled standard to incorporate amendments may by AASB 2004-1.
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  • April 2007: AASB 2007-4 amends paragraphs 3, 24 and 35 and adds paragraph 28 and is applicable from 1 July 2007, with early adoption permitted from 1 January 2005.
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  • September 2007: AASB 2007-8 was issued and makes amendments arising from the issuance of the revised AASB 101. It is applicable from 1 January 2009, with early adoption permitted from 1 January 2005, provided the revised AASB 101 is also early adopted.
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  • December 2007: AASB 2007-9 is issued and is applicable from 1 July 2008, with early adoption permitted.
Compiled Standards 
A list of the omnibus amending standards that have affected this standard since its release are included here as is the date when the relevant changes become operative.  
 
Omnibus amending standards are available on the AASB website as are compiled standards incorporating omnibus amendments as soon as they are completed by the AASB. Details of the changes made by each omnibus are summarised in ANT and Charter’s "The Panel" as they are released. For a quick overview of the new material applying at 30 June 2008 click here.