Workshop of IAS 16
This workshop provides a practical overview of International Accounting Standard (IAS) 16, focusing on the accounting treatment…
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This workshop provides a practical overview of International Accounting Standard (IAS) 16, focusing on the accounting treatment of property, plant, and equipment (PPE). Participants will explore the principles for initial recognition, subsequent measurement, depreciation, revaluation, and derecognition of fixed assets. The session also discusses real-world scenarios and common challenges faced by finance professionals in applying IAS 16.
How is this Workshop Helpful?
Understanding IAS 16 is essential for ensuring accurate and compliant financial reporting of an organization’s tangible assets. This workshop equips professionals with clarity on how PPE impacts the balance sheet and profit & loss statements, thus enabling better financial decision-making and audit preparedness.
What Will You Be Able to Do After Attending?
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Comprehend the scope and objectives of IAS 16
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Apply correct methods for capitalizing and depreciating fixed assets
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Understand when and how to revalue or derecognize assets
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Improve accuracy in preparing financial statements under IFRS
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Address audit queries and regulatory compliance with confidence
What Will You Learn?
- Understand the scope, objective, and recognition criteria of IAS 16
- Capitalize assets correctly, including self-constructed PPE
- Distinguish between capital and revenue expenditure
- Apply different depreciation methods (straight-line, reducing balance, units of production)
- Perform revaluation and handle changes in fair value
- Record impairment losses, asset disposal, and replacement
- Manage component accounting and useful life estimation
- Align fixed asset register and general ledger treatment
- Avoid common audit and reporting issues related to PPE
- Comply with disclosure requirements under IFRS standards
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