Flashcards in IAS Deck (9)
What does IAS 1deal with?
The presentation of Financial Statements
What does IAS 2 deal with?
The valuation and classification of inventories.
What does IAS 16 deal with?
Plant, Property and Equipment.
Where are intangible assets shown?
Where is share premium recorded?
Where are dividends paid recorded?
Statement of Changes in Equity.
What is the IAS 16 definition of capital items?
Items that are held for use in the production of supply of goods or services, for rental to others or for administration purposes; and ... are expected to be used during more than one period.
Give examples of capital expenditure.
Upgrading the asset;
Replacing the asset or part of the asset (for example, a new engine for a machine).
In general it’s a one-off payment and the benefit will last several accounting periods.