Disclosures by class: bases, methods, lives

Learning objectives

• Identify the disclosures required for each class of property, plant and equipment.L2
• Prepare the accounting policies section of a note on property, plant and equipment.L3

Normative references

• IAS 16 §73By class: measurement bases for the gross carrying amount, depreciation methods, useful lives or depreciation rates, gross carrying amount and accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period, and a reconciliation of the carrying amount: additions; assets held for sale (IFRS 5) and other disposals; business combinations; revaluations and impairment losses in OCI; impairment losses in profit or loss; reversals in profit or loss; depreciation; net exchange differences on translation; other changes.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

1 question

• For each class of property, plant and equipment, which information must the financial statements disclose? (Select all that apply.)L2