Insurance Of Property, Plant And Equipment
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INTRODUCTION
Property, Plant and Equipment (PPE) plays a crucial role in the financial statements of many entities. They often make up one of the largest items on the statement of financial position, and also play a big part in the statement of comprehensive income through the charging of depreciation and impairment. This course looks at accounting for PPE through IAS 16, which covers PPE specifically, and IAS 36, which covers the connected issue of impairment.
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COURSE OBJECTIVES
At the end of this course you will be able to:
- Recognize the proper accounting treatment for acquisitions of property, plant and equipment (and other associated costs) under IFRS.
- Calculate depreciation using the methods permitted under IAS 16.
- Identify the process for determining whether or not a long-lived asset is impaired under IAS 36.
- Distinguish between the ‘cost’ and ‘revaluation’ accounting models (as described in IAS 16).
- Recognize the similarities and differences between IFRS and U.S. GAAP in the area of property, plant and equipment.
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COURSE AUDIENCE
This course is made for
- is typically a packaged form of insurance; it often includes cover for liability of business activities, loss or damage to machinery/equipment, and lost revenue if a machine is damaged and unable to work.
- Whatever your business activities, a comprehensive package will ensure your assets and operations are shielded from the unforeseen.
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COURSE OUTLINE
DAY 1
Recognition rules
What are the recognition rules for PPE?
Objective and scope of IAS 16
Capitalisation thresholds
Initial PPE measurements
What is the valuation of assets?
DAY 2
Depreciation
What is depreciation?
Depreciation
What are the depreciation methodologies?
Reviewing asset lives and residual value
Accounting for depreciation
DAY 3
Disclosures
What are the PPE disclosure requirements?
Business combination
What other disclosure requirements are there?
Disclosures relating to revaluations
DAY 4
Impairments
What are impairments?
Overall objective of IAS 36
How do you know if an asset is Impaired?
Calculating value in use
DAY 5
Estimating future cash flows
Measuring an impairment loss
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