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Aact1B Topic 3 Podcast Slides

In: Business and Management

Submitted By rosewind
Words 1531
Pages 7
31/03/2015

Australian School of Business

Australian
School of
Business

Objective

Australian
School of
Business

1. Understand the mechanics of revaluing assets.
2. Understand the mechanics of impairment testing.
3. Revisit the accounting treatment of inventory.

ACCT1511

4. Be technically competent in journal entries and T-accounts relevant to asset revaluation, intangible assets, and inventory measurement.

Topic

5. Be able to identify the accounting principles relevant to the accounting treatment of assets.

Assets (2)
General Principles

Methods for Measuring Value

Australian
School of
Business

Measurement at Recognition: PPE

 The value put on the asset when first recorded.
 An item of property, plant and equipment that qualifies for recognition shall be measured at its cost
(AASB 116, para 15)

1. Historical Cost
2. Current or Market Value (value in exchange)
3. Value in use (present value)
4. Liquidation Value

 Elements of costs:
– Its purchase price, including import duties and non-refundable purchase taxes after deducting trade discounts and rebates
– Any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
– The initial estimate of the cost of dismantling and removing the item and restoring the site on which it is located (if the company is required to do so)

5. Price-adjusted Historical Cost

Measurement after Recognition: PPE
An entity shall choose either the cost model… or the revaluation model… as its accounting policy and shall apply that policy to an entire class of property, plant and equipment. (AASB 116, para 29)
So there are two choices:
 The cost model.
 The revaluation model.

Dr Per Tronnes

Australian
School of
Business

Australian
School of…...

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