IAS 16 in the context of "International Accounting Standards Committee"

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⭐ Core Definition: IAS 16

International Accounting Standard 16 Property, Plant and Equipment or IAS 16 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It concerns accounting for property, plant and equipment (known more generally as fixed assets), including recognition, determination of their carrying amounts, and the depreciation charges and impairment losses to be recognised in relation to them.

IAS 16 was issued in December 1993 by the International Accounting Standards Committee, the predecessor to the IASB. It was reissued in December 2003 and has been amended multiple times, most recently in 30 June 2014.

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IAS 16 in the context of Fixed asset

Fixed assets (also known as long-lived assets or property, plant and equipment; PP&E) is a term used in accounting for assets and property that may not easily be converted into cash. They are contrasted with current assets, such as cash, bank accounts, and short-term debts receivable. In most cases, only tangible assets are referred to as fixed.

While IAS 16 (International Accounting Standard) does not define the term fixed asset, it is often colloquially considered a synonym for property, plant and equipment. According to IAS 16.6, property, plant and equipment are tangible items that:

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LINKED FROM (PARENTS)
← Fixed asset ← Capital equipment ← Long-term assets ← Fixed assets
LINKS TO (CHILDREN)
International Financial Reporting Standards → International Accounting Standards Board → Fixed assets → Book value → Depreciation → Impaired asset → International Accounting Standards Committee →