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IAS 16 Property, Plant and Equipment – summary
IAS 16 Property, Plant and Equipment - summary - CPDbox - Making IFRS Easy
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What Is Property, Plant, and Equipment (PP&E)?
Intellectual Property Rights IPRs refer to the bundle of legal rights granted with the aim to protect the creations of the intellect of either an individual or a group or an organization individually or collectively. Intellectual property is divided into two broad classes: Industrial Property and Copyright. Industrial property includes patents, trademarks, industrial designs, and geographical indications; whereas copyright includes literary works, films, music, artistic works and architectural design and rights related to the same inclusive of rights of performers, artists, producers, and broadcasters.
Standard IAS 16 prescribes the accounting treatment for property, plant and equipment and therefore it is one of the most important and commonly applied standards. The main issues dealt in IAS 16 are recognition of property, plant and equipment, measurement at and after recognition, impairment of property, plant and equipment although IAS 36 deals with impairment in more detail and derecognition. Property, plant and equipment are tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and are expected to be used during more than one period.