Property, Plant and Equipment: Proceeds before Intended Use – International Accounting Standards Board

Date recorded:

At its meeting on October 22, 2019, the IASB met to discuss the transition requirements and effective date for the amendments to IAS 16. The Board tentatively decided:

  1. to require an entity to apply the amendments retrospectively only to items of PPE made available for use on or after the beginning of the earliest period presented when the entity first applies the amendments;
  2. to provide no transition relief for first-time adopters; and
  3. that the effective date of the amendments be for annual periods beginning on or after January 1, 2022, with earlier application permitted. The Board agreed that the amendments do not require re-exposure and no Board members indicated they intend to dissent from the issuance of amendments.

Review the IASB Update and podcast on the Board's Web site.

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