FRS 102: Property, plant and equipment

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FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland becomes mandatory for accounting periods starting on or after 1 January 2015, with earlier adoption permissible, explains Steve Collings.

With the evolution of the accounting methodologies over the years, a new reporting framework is bound to bring with it some changes. This article takes a look at the area of property, plant and equipment which is dealt with in Section 17 Property, Plant and Equipment (PPE).

Section 17 is currently dealt with in FRS 15 Tangible Fixed Assets and there are some notable differences...

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  • Recognition
  • Cost
  • Subsequent measurement
  • Depreciation
  • Conclusion

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About Steven Collings


Steve Collings, FMAAT FCCA is the audit and technical partner at Leavitt Walmsley Associates Ltd where Steve trained and qualified.


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14th Aug 2013 12:05


Given the comments does this change the view of assets that have been purchased for hire now being reclassified as fixed assets rather than  current assets.  One obvious example of this is a commercial laundry business where the linen is purchased specifcally for a customer and then hired (and cleaned) out for a rental.  The common industry practice here is to treat as inventory (current asset) rather than fixed assets.

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