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IASB proposes amendments to IAS 16

  • IASB document Image

Jun 20, 2017

The IASB has published an exposure draft (ED), “Property, Plant and Equipment — Proceeds Before Intended Use,” which proposes narrow-scope amendments intended to reduce the diversity in the application of IAS 16.

The amendments “would prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity would recognise those sales proceeds in profit or loss.”

Comments on the ED are due by October 19, 2017.

For more information, see the press release and ED on the IASB’s Web site.

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