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AcSB Exposure Draft – Property, Plant and Equipment – Proceeds before Intended Use (Proposed amendments to IAS 16)

  • IFRS - AcSB Image

Jul 13, 2017

On July 13, 2017, the Ac­count­ing Stan­dards Board (AcSB) is­sued an Ex­po­sure Draft that cor­re­sponds to the IASB’s Ex­po­sure Draft on this topic. Stake­hold­ers are en­cour­aged to sub­mit their com­ments by October 19, 2017.

The proposed amendments would prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced before the asset is available for use. Instead, an entity would recognize the proceeds from selling such items, and the related production costs, in profit or loss.

Re­view the Ex­po­sure Draft on the AcSB's web­site.


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