in IAS 16 - Property, Plant and Equipment by
We are a small trucking company with a fleet of 20 trucks which are used in providing transport services and our deprecation policy is at 20% a year on cost under straight line method. With this years depreciation charge, the fleet will be fully depreciated. But it appears that we can use the trucks for another 02-03 years as they are in good condition. My question is whether it is allowed by IFRS to keep the fully depreciated assets while they are being used.

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Yes, you can kept the fully depreciated assets in your book so long the derecognition criteria as per below were not met:

IAS 16.67
The carrying amount of an item of property, plant and equipment shall be derecognised:
(a) on disposal (i.e. sold); or
(b) when no future economic benefits are expected from its use or disposal. (i.e. written off, which usually trigger by condition specified by Company policy [e.g. unusable condition])

The cost of the said PPE will be offset with the equivalent accumulated depreciation and show a zero NBV at the disclosure of the notes to account.
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IAS 16.51 - The residual value and the useful life of an asset shall be reviewed at least at each financial year-end and, if expectations differ from previous estimates, the change(s) shall be accounted for as a change in an accounting estimate in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

So you should amend useful life if you are going to use your assets longer than expected.

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