PROPERTY PLANT AND EQUIPMENTS
The following are the list of updated international accounting standards (IAS) in 2020:
- IAS 1 – Presentation of financial statements.
- IAS 2 – Inventories.
- IAS 7 – Statement of cash flows.
- IAS 8 – Accounting policies, changes in accounting estimates and errors.
- IAS 10 – Events after the reporting period.
- IAS 12 – Income taxes.
- IAS 16 – Property,
Property, plant and equipment also abbreviated as PPE are tangible item that:
- are held for use in production or supply of goods or services, for rental to others, or for administrative purpose; and
- are expected to be used during more than one accounting period.
Items such as spare parts, stand by equipment and servicing equipment