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