Property Plant and Equipment: recognition and classification determine whether Ind AS 16 or investment property accounting applies. Definition and recognition of Property, Plant and Equipment require tangible items to be held for use in production, supply, rental (other than land and building), or administrative purposes and to be expected to be used for more than one period. A bearer plant is a living plant used in agricultural production that bears produce over multiple periods and is not held for sale as produce. Cost is recognised as an asset only when future economic benefits are probable and cost is reliably measurable. Classification between owner occupied and investment property depends on intended use, and spare parts are PPE only if they meet the PPE definition.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Property Plant and Equipment: recognition and classification determine whether Ind AS 16 or investment property accounting applies.
Definition and recognition of Property, Plant and Equipment require tangible items to be held for use in production, supply, rental (other than land and building), or administrative purposes and to be expected to be used for more than one period. A bearer plant is a living plant used in agricultural production that bears produce over multiple periods and is not held for sale as produce. Cost is recognised as an asset only when future economic benefits are probable and cost is reliably measurable. Classification between owner occupied and investment property depends on intended use, and spare parts are PPE only if they meet the PPE definition.
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