IFRS Fixed Assets (Property, Plant & Equipment)

3.7 (3)

Michel Morley

Mike Morley

Thursday, January 21, 2021 | 01:00 PM EST

  • ABV
  • CPA Canada
  • CMA
  • CPA
  • CVA

2 CPE | 2 CPD

$20

Subject Area

Accounting

Webinar Qualifies For

2 CPE credit of Accounting for all CPAs

2 CPE credit for Certified Management Accountants (CMA)

2 CPD credit (Verifiable) for Canadian CPAs

2 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

2 CPD credit (Verifiable) of Determining the Proper Valuation Discounts or Premiums for all ABV (AICPA)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Additional Dates

Mar 17, 2021 | 10:00 AM EST Register

Course Description

International Financial Reporting Standards are changing how companies account for long-lived tangible assets on their financial statements. Fixed assets can be classified basically in to two categories i.e tangible & intangible, Under IFRS, IAS-16 –Property, Plant & Equipment deals with tangible fixed asset except the assets held for capital appreciation.

Fixed assets are subject to an unusually large amount of record keeping, as well as very specific accounting treatment under the IFRS accounting framework. In addition, given the large expenditures involved in fixed assets and the complexity of the accounting, you can expect a high degree of auditor interest in this area. Accountants are expected to decide how to first record the acquisition of long-lived assets, assess the value at which they are presented on future financial statements, and work out the allocation of the cost of these assets over future reporting periods. In addition IFRS allows periodic re-evaluation of long-lived assets under certain conditions, but with so many choices for assigning a value, you need to know the exact way of doing it.

This webinar will outline the step-by-step procedure for implementation and examine the many factors that companies need to carefully consider when implementing International Financial Reporting Standards for Fixed Assets.

HIGHLIGHTS OF THE WEBINAR :

  • Concepts and rules for Property, Plant, and Equipment
  • Choices of Revaluation methods under IFRS
  • Impairment of tangible long-lived assets
  • Capitalization of borrowing costs
  • Retirements and other disposals of long-lived assets
  • Nonmonetary (exchange) transactions
  • Disclosure requirements
  • Financial statement presentation.

The webinar will also discuss examples that will help to develop and understand the process and requirements of accounting for Fixed Assets under IFRS. 

Learning Objectives

  • To recognize how to first record the acquisition of long-lived assets
  • To assess the value at which long-lived assets are presented on future financial statements
  • To identify how to work out the allocation of the cost of fixed assets over future reporting periods.
  • To write the appropriate Notes
  • To recognize the unique disclosure and presentation requirements of IFRS for Fixed Assets

Who Should Attend?

  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • Accounting Firm
  • CPA (Industry)
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Tax Accountant (Industry)
  • Accounting Practice Owners
  • Senior Accountant
  • Accounts Director
  • Entrepreneurial Accountant
  • Accounting Managers
  • Staff of Accounting Firm

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