IAS Plus: SIC 23, Major Inspection or Overhaul Costs

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SIC 23 Property, Plant and Equipment – Major Inspection or Overhaul Costs
— Superseded —

References

IAS 16, Property, Plant and Equipment

History

Issued: July 2000
Effective date: 15 July 2000
Superseded by and incorporated into IAS 16 (Revised 2003) effective: Annual periods beginning on or after 1 January 2005.

SUMMARY OF SIC 23

SIC 23 confirms that the cost of a major inspection or overhaul generally should be expensed as incurred. The exception is where the enterprise treats the cost of a major inspection or overhaul as a separate "component" asset for accounting purposes and depreciates that component to reflect the consumption of benefits resulting from the major inspection or overhaul.

Click for IASC Press Release on SIC 23 (PDF 36k)

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