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International Accounting Standard IAS 16 (Revised 1998): Property, Plant and Equipment

Article Abstract:

The International Accounting Standards Committee (IASC) has revised IAS 16, 'Accounting for Property, Plant and Equipment' for the third time. The standard was approved in Mar 1982 as 'Accounting for Property, Plant and Equipment.' It was revised in Dec 1993 in line with the project on Comparability and Improvements of Financial Statements, and then again in Jul 1997 upon the approval of IAS 1, 'Presentation of Financial Statements.' The 1998 amendments were introduced to achieve greater consistency with the revised IAS 22, 'Business Combinations'; IAS 36 'Impairment of Assets'; and IAS 37, 'Provisions, Contingent Liabilities and Contingent Assets.' The 1998 revisions will take effect for annual financial statements for periods starting on or after Jul 1, 1999, but application before this time is recommended.

General Industrial Machinery, Machinery Manufacturing, Real Estate, Real Estate and Rental and Leasing, Industrial equipment, Machinery, Factories, International Accounting Standards Board, Real property, Fixed assets

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British Bankers' Association Statement of Recommended Accounting Practice - Securities: exposure draft

Article Abstract:

The British Bankers' Association's Exposure Draft: Statement of Recommended Accounting Practice - Securities, is presented. The statement includes an explanation of why securities are held, a definition of valuation, recommended accounting practice, and a note on legal requirements.

Laws, regulations and rules, Securities, British Bankers' Association

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