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AccountancyIQ Nasir Ud-Din
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Accelerate ACCA & ICAEW journey with AccountancyIQ! Simplifying complex topics, revealing real-world insights, and boosting accounting confidence. Listen anywhere; bridge theory with practice.
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Beyond IAS 16
Understanding the nuances of accounting standards can be complex, especially when it comes to properties, plants, and equipment (PPE). In this video, I discuss various classifications of PPE and their accounting treatments.
From assets used directly in business operations (IAS 16) to those rented out to others (IAS 40), each category has distinct valuation methods. PPE marked for disposal within 12 months falls under IFRS 5, while those bought for resale are governed by IAS 2.
Surprisingly, even properties intended for consumption, like agricultural produce (IAS 41), have specific accounting guidelines. Join me as I discuss these classifications and their implications on financial reporting.
You can watch the video of the podcast by clicking here ( @nasirfinancial)