Salim Rajkotwala Chartered Accountants
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IFRS Update : IAS 16 - Property, Plant and Equipment

  • The amendment clarifies that spare parts and servicing equipment are classified as property, plant and equipment rather than inventory when they meet the definition of property, plant and equipment.
  • The previous wording of IAS 16 indicated that servicing equipment should be classified as inventory, even if it was used for more than one period. Following the amendment, this equipment used for more than one period is classified as property, plant and equipment.
  • Applies retrospectively for annual periods beginning on or after 1 January 2013. Early adoption is permitted.

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Disclaimer: MGI Worldwide is the brand name under which certain member firms of Mint Alliance operate as a network of independent audit, tax, accounting and consulting firms. Mint Alliance is an Alliance of independent audit, tax, accounting and consulting firms. MGI Worldwide and Mint Alliance do not themselves provide any services and their member firms are not an international partnership. Each member firm is a separate entity and neither MGI Worldwide, Mint Alliance nor any member firm, accepts responsibility for the activities, work, opinions or services of any other member firm. Mint Alliance is a private company limited by guarantee incorporated in the Isle of Man with company number 012651C.​

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