IFRS Module 7 Property, Plant & EquipmentCode: 16-IFRS7
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Module 7 of the IFRS Learning Module series presents an overview of IAS 16Property, Plant
and Equipment, the accounting standard for classifying and measuring property, plant and
equipment (also known as ‘fixed assets’) in IFRS financial statements. The course also discusses
the IASB’s and FASB’s efforts towards achieving convergence in fixed assets reporting.
After completing this course, participants should be able to:
• Explain 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.
• Describe the process for determining whether or not a long-lived asset is impaired under
• Distinguish between the ‘cost’ and ‘revaluation’ accounting models (as described in IAS
• Describe the similarities and differences between IFRS and U.S. GAAP in the area of
property, plant and equipment.
Presentation Method: QAS Self-Study
CPE credit: 3 Hours
Program Level: Intermediate
Prerequisites: General understanding of GAAP and Accounting.
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase.
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