HKAS 16 - Property, Plant and Equipment
HKAS 16 - Property, Plant and Equipment
1. OBJECTIVE (Paragraph 1)
The objective of HKAS 16 is to prescribe the accounting treatment for property, plant and equipment (PPE) so that users of financial statements can discern information about an entity's investment in its PPE and the changes in such investment.
Principal issues addressed:
2. SCOPE (Paragraphs 2-5)
2.1 General Application
HKAS 16 shall be applied in accounting for PPE except when another Standard requires or permits a different accounting treatment.
2.2 Exclusions from Scope
This Standard does NOT apply to:
| Exclusion | Reference Standard |
|---|---|
| PPE classified as held for sale | HKFRS 5 |
| Biological assets related to agricultural activity (other than bearer plants) | HKAS 41 |
| Recognition and measurement of exploration and evaluation assets | HKFRS 6 |
| Mineral rights and mineral reserves (oil, natural gas, similar non-regenerative resources) | - |
Important: This Standard DOES apply to PPE used to develop or maintain the assets described in (b)-(d) above.
2.3 Bearer Plants
The 2014 amendments (Agriculture: Bearer Plants) extended the scope of HKAS 16 to include bearer plants related to agricultural activity. Bearer plants are living plants that:
2.4 Investment Property
An entity using the cost model for investment property under HKAS 40 shall use the cost model in HKAS 16 for owned investment property.
3. DEFINITIONS (Paragraph 6)
| Term | Definition |
|---|---|
| Bearer plant | A living plant that: (a) is used in production/supply of agricultural produce; (b) expected to bear produce for >1 period; (c) remote likelihood of being sold as agricultural produce (except incidental scrap sales) |
| Carrying amount | Amount at which an asset is recognised after deducting accumulated depreciation and accumulated impairment losses |
| Cost | Amount of cash/cash equivalents paid or fair value of other consideration given to acquire an asset at acquisition/construction, or amount attributed when initially recognised per other HKFRSs |
| Depreciable amount | Cost of an asset (or other amount substituted for cost) less its residual value |
| Depreciation | Systematic allocation of depreciable amount of an asset over its useful life |
| Entity-specific value | Present value of cash flows an entity expects from continuing use of an asset and from its disposal at end of useful life, or expects to incur when settling a liability |
| Fair value | Price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at measurement date (per HKFRS 13) |
| Impairment loss | Amount by which carrying amount of an asset exceeds its recoverable amount |
| Property, plant and equipment | Tangible items that: (a) are held for use in production/supply of goods/services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period |
| Recoverable amount | Higher of an asset's fair value less costs of disposal and its value in use |
| Residual value | Estimated amount an entity would currently obtain from disposal of the asset, after deducting estimated costs of disposal, if the asset were already of the age and in condition expected at end of its useful life |
| Useful life | (a) Period over which asset is expected to be available for use; or (b) Number of production or similar units expected to be obtained from the asset |
4. RECOGNITION (Paragraphs 7-14)
4.1 General Recognition Principle (Paragraph 7)
The cost of an item of property, plant and equipment shall be recognised as an asset if, and only if:
(a) it is probable that future economic benefits associated with the item will flow to the entity; AND
(b) the cost of the item can be measured reliably.
4.2 Classification of Items (Paragraph 8)
Items such as spare parts, stand-by equipment and servicing equipment are recognised in accordance with HKAS 16 when they meet the definition of PPE. Otherwise, such items are classified as inventory.
4.3 Unit of Measure (Paragraph 9)
HKAS 16 does not prescribe the unit of measure for recognition. Judgement is required. It may be appropriate to aggregate individually insignificant items (e.g., moulds, tools, dies) and apply the criteria to the aggregate value.
4.4 Initial Costs (Paragraph 11)
Items of PPE may be acquired for safety or environmental reasons. These qualify for recognition as assets because they enable the entity to derive future economic benefits from related assets in excess of what could be derived without them.
Example: A chemical manufacturer installing new chemical handling processes to comply with environmental requirements - the related plant enhancements are recognised as an asset because without them the entity cannot manufacture and sell chemicals.
Note: The resulting carrying amount of such an asset and related assets is reviewed for impairment under HKAS 36.
4.5 Subsequent Costs (Paragraphs 12-14)
| Type of Cost | Treatment |
|---|---|
| Day-to-day servicing (repairs and maintenance) | Recognised in profit or loss as incurred |
| Replacement of parts (regular intervals) | Recognised in carrying amount if recognition criteria met; carrying amount of replaced parts derecognised |
| Major inspections | Cost recognised in carrying amount as replacement if recognition criteria satisfied; remaining carrying amount of previous inspection derecognised |
Key Principle: An entity evaluates ALL PPE costs under the general recognition principle at the time they are incurred.
5. MEASUREMENT AT RECOGNITION (Paragraphs 15-28)
5.1 General Rule (Paragraph 15)
An item of property, plant and equipment that qualifies for recognition as an asset shall be measured at its cost.
5.2 Elements of Cost (Paragraph 16)
The cost of an item of PPE comprises:
(a) Purchase price:
(b) Directly attributable costs:
Costs to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
(c) Initial estimate of dismantling and removal costs:
Costs of dismantling and removing the item and restoring the site, where the obligation is incurred either:
5.3 Examples of Directly Attributable Costs (Paragraph 17)
| Directly Attributable Costs | NOT Directly Attributable Costs |
|---|---|
| Employee benefits arising directly from construction/acquisition | Costs of opening a new facility |
| Costs of site preparation | Costs of introducing a new product/service (including advertising and promotional activities) |
| Initial delivery and handling costs | Costs of conducting business in a new location or with new class of customer (including staff training) |
| Installation and assembly costs | Administration and other general overhead costs |
| Costs of testing whether asset is functioning properly | |
| Professional fees |
5.4 When Recognition of Costs Ceases (Paragraph 20)
Recognition of costs in the carrying amount ceases when the item is in the location and condition necessary for it to be capable of operating in the manner intended by management.
Costs NOT included in carrying amount:
5.5 Proceeds Before Intended Use (Paragraph 20A - 2020 Amendments)
Items may be produced while bringing an item of PPE to the location and condition necessary for it to be capable of operating in the manner intended by management (e.g., samples produced when testing).
Treatment:
Effective Date: Annual periods beginning on or after 1 January 2022
5.6 Incidental Operations (Paragraph 21)
Some operations occur in connection with construction/development but are NOT necessary to bring the item to the location and condition necessary for operation.
Treatment: Income and related expenses of incidental operations are recognised in profit or loss.
Example: Income earned through using a building site as a car park until construction starts.
5.7 Self-Constructed Assets (Paragraph 22)
The cost of a self-constructed asset is determined using the same principles as for an acquired asset.
Key points:
5.8 Bearer Plants - Self-Construction (Paragraph 22A)
Bearer plants are accounted for in the same way as self-constructed items of PPE before they are in the location and condition necessary to be capable of operating in the manner intended by management.
5.9 Deferred Payment (Paragraph 23)
The cost of an item of PPE is the cash price equivalent at the recognition date.
If payment is deferred beyond normal credit terms, the difference between the cash price equivalent and the total payment is recognised as interest over the period of credit (unless capitalised per HKAS 23).
5.10 Asset Exchange Transactions (Paragraphs 24-26)
When PPE is acquired in exchange for a non-monetary asset or assets, or a combination of monetary and non-monetary assets:
General Rule: Cost is measured at fair value UNLESS:
(a) The exchange transaction lacks commercial substance; OR
(b) The fair value of neither the asset received nor the asset given up is reliably measurable
If not measured at fair value: Cost is measured at the carrying amount of the asset given up.
Commercial Substance Test (Paragraph 25):
An exchange has commercial substance if:
(a) The configuration (risk, timing, amount) of cash flows of the asset received differs from that of the asset transferred; OR
(b) The entity-specific value of the affected portion of operations changes as a result of the exchange; AND
(c) The difference in (a) or (b) is significant relative to the fair value of the assets exchanged
Reliable Measurement (Paragraph 26):
Fair value is reliably measurable if:
(a) The variability in the range of reasonable fair value measurements is not significant; OR
(b) The probabilities of various estimates within the range can be reasonably assessed and used
Default: If fair value of either asset can be measured reliably, use fair value of asset given up UNLESS fair value of asset received is more clearly evident.
5.11 Government Grants (Paragraph 28)
The carrying amount of an item of PPE may be reduced by government grants in accordance with HKAS 20.
6. MEASUREMENT AFTER RECOGNITION (Paragraphs 29-42)
6.1 Accounting Policy Choice (Paragraph 29)
An entity shall choose either the cost model or the revaluation model as its accounting policy and shall apply that policy to an entire class of property, plant and equipment.
6.2 Cost Model (Paragraph 30)
After recognition as an asset, an item of property, plant and equipment shall be carried at its cost less any accumulated depreciation and any accumulated impairment losses.
6.3 Revaluation Model (Paragraphs 31-42)
6.3.1 General Principle (Paragraph 31)
After recognition as an asset, an item of property, plant and equipment whose fair value can be measured reliably shall be carried at a revalued amount, being its fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Frequency: Revaluations shall be made with sufficient regularity to ensure carrying amount does not differ materially from fair value at the end of the reporting period.
6.3.2 Frequency of Revaluations (Paragraph 34)
| Asset Type | Revaluation Frequency |
|---|---|
| Assets with significant and volatile fair value changes | Annual revaluation |
| Assets with only insignificant fair value changes | Every 3-5 years |
6.3.3 Methods of Revaluation (Paragraph 35)
When an item is revalued, the carrying amount is adjusted to the revalued amount. At the date of revaluation, the asset is treated in one of the following ways:
(a) Proportionate Restatement Method:
(b) Elimination Method:
6.3.4 Class Revaluation Requirement (Paragraphs 36-38)
If an item of property, plant and equipment is revalued, the entire class of property, plant and equipment to which that asset belongs shall be revalued.
Examples of separate classes:
Rolling Revaluation: A class may be revalued on a rolling basis provided revaluation of the class is completed within a short period and revaluations are kept up to date.
6.3.5 Accounting for Revaluation Increases (Paragraph 39)
If an asset's carrying amount is increased as a result of a revaluation, the increase shall be recognised in other comprehensive income and accumulated in equity under the heading of revaluation surplus.
Exception: The increase shall be recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss.
6.3.6 Accounting for Revaluation Decreases (Paragraph 40)
If an asset's carrying amount is decreased as a result of a revaluation, the decrease shall be recognised in profit or loss.
Exception: The decrease shall be recognised in other comprehensive income to the extent of any credit balance existing in the revaluation surplus in respect of that asset. The decrease recognised in OCI reduces the amount accumulated in equity under revaluation surplus.
6.3.7 Revaluation Surplus Transfer (Paragraph 41)
The revaluation surplus may be transferred directly to retained earnings when the asset is derecognised. This may involve:
Important: Transfers from revaluation surplus to retained earnings are NOT made through profit or loss.
6.3.8 Tax Effects (Paragraph 42)
The effects of taxes on income resulting from revaluation are recognised and disclosed in accordance with HKAS 12.
7. DEPRECIATION (Paragraphs 43-62A)
7.1 Component Depreciation (Paragraphs 43-47)
Each part of an item of property, plant and equipment with a cost that is significant in relation to the total cost of the item shall be depreciated separately.
Key Points:
7.2 Recognition of Depreciation Charge (Paragraphs 48-49)
The depreciation charge for each period shall be recognised in profit or loss unless it is included in the carrying amount of another asset.
Examples of inclusion in other assets:
7.3 Depreciable Amount and Depreciation Period (Paragraphs 50-59)
7.3.1 Basic Principle (Paragraph 50)
The depreciable amount of an asset shall be allocated on a systematic basis over its useful life.
7.3.2 Review of Residual Value and Useful Life (Paragraph 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 HKAS 8.
7.3.3 Depreciation Despite Fair Value Exceeding Carrying Amount (Paragraph 52)
Depreciation is recognised even if the fair value of the asset exceeds its carrying amount, as long as the asset's residual value does not exceed its carrying amount.
7.3.4 Residual Value (Paragraphs 53-54)
7.3.5 Commencement and Cessation of Depreciation (Paragraph 55)
| Event | Treatment |
|---|---|
| Begins | When asset is available for use (in location and condition necessary for operation as intended by management) |
| Ceases | Earlier of: (a) date asset is classified as held for sale per HKFRS 5; or (b) date asset is derecognised |
Important: Depreciation does NOT cease when the asset becomes idle or is retired from active use UNLESS the asset is fully depreciated.
Note: Under usage methods of depreciation, the depreciation charge can be zero while there is no production.
7.3.6 Factors in Determining Useful Life (Paragraph 56)
All the following factors are considered:
| Factor | Description |
|---|---|
| Expected usage | Assessed by reference to expected capacity or physical output |
| Expected physical wear and tear | Depends on operational factors (number of shifts, repair/maintenance programme, care while idle) |
| Technical or commercial obsolescence | Changes/improvements in production, change in market demand |
| Legal or similar limits | Expiry dates of related leases |
7.3.7 Useful Life vs Economic Life (Paragraph 57)
The useful life of an asset is defined in terms of the asset's expected utility to the entity. The useful life may be shorter than its economic life.
7.3.8 Land and Buildings (Paragraphs 58-59)
| Asset | Treatment |
|---|---|
| Land | Generally has unlimited useful life → NOT depreciated (except quarries, landfill sites) |
| Buildings | Have limited useful life → Depreciable assets |
| Land with dismantlement/restoration costs | That portion of land is depreciated over period of benefits |
Key Point: An increase in the value of land on which a building stands does NOT affect the determination of the depreciable amount of the building.
7.4 Depreciation Methods (Paragraphs 60-62A)
7.4.1 Principle (Paragraph 60)
The depreciation method used shall reflect the pattern in which the asset's future economic benefits are expected to be consumed by the entity.
7.4.2 Review of Depreciation Method (Paragraph 61)
The depreciation method applied to an asset shall be reviewed at least at each financial year-end and, if there has been a significant change in the expected pattern of consumption of the future economic benefits embodied in the asset, the method shall be changed to reflect the changed pattern. Such a change shall be accounted for as a change in an accounting estimate in accordance with HKAS 8.
7.4.3 Common Depreciation Methods (Paragraph 62)
| Method | Description |
|---|---|
| Straight-line | Constant charge over useful life (if residual value does not change) |
| Diminishing balance | Decreasing charge over useful life |
| Units of production | Charge based on expected use or output |
7.4.4 Prohibition of Revenue-Based Depreciation (Paragraph 62A - 2014 Amendments)
A depreciation method that is based on revenue that is generated by an activity that includes the use of an asset is not appropriate.
Reason: Revenue generally reflects factors other than the consumption of the economic benefits of the asset (e.g., other inputs and processes, selling activities, changes in sales volumes and prices, inflation).
8. IMPAIRMENT (Paragraphs 63-66)
8.1 Application of HKAS 36 (Paragraph 63)
To determine whether an item of PPE is impaired, an entity applies HKAS 36 Impairment of Assets, which explains:
8.2 Compensation for Impairment (Paragraphs 65-66)
Compensation from third parties for items of property, plant and equipment that were impaired, lost or given up shall be included in profit or loss when the compensation becomes receivable.
Separate Economic Events (Paragraph 66):
| Event | Accounting Treatment |
|---|---|
| Impairment of PPE | Recognised per HKAS 36 |
| Derecognition of PPE retired or disposed of | Determined per HKAS 16 |
| Compensation from third parties | Included in profit or loss when receivable |
| Cost of replacement assets | Determined per HKAS 16 |
9. DERECOGNITION (Paragraphs 67-72)
9.1 When to Derecognise (Paragraph 67)
The carrying amount of an item of property, plant and equipment shall be derecognised:
(a) on disposal; OR
(b) when no future economic benefits are expected from its use or disposal.
9.2 Gain or Loss on Derecognition (Paragraph 68)
The gain or loss arising from the derecognition of an item of property, plant and equipment shall be included in profit or loss when the item is derecognised (unless HKFRS 16 requires otherwise on a sale and leaseback). Gains shall not be classified as revenue.
9.3 Assets Held for Rental (Paragraph 68A)
An entity that, in the course of its ordinary activities, routinely sells items of PPE that it has held for rental to others shall:
9.4 Date of Disposal (Paragraph 69)
The date of disposal is the date the recipient obtains control of that item in accordance with the requirements for determining when a performance obligation is satisfied in HKFRS 15.
9.5 Replacement Parts (Paragraph 70)
If an entity recognises the cost of a replacement for part of an item in the carrying amount, it derecognises the carrying amount of the replaced part regardless of whether the replaced part had been depreciated separately.
Practical Approach: If it is not practicable to determine the carrying amount of the replaced part, the cost of the replacement may be used as an indication of what the cost of the replaced part was at the time it was acquired or constructed.
9.6 Calculation of Gain or Loss (Paragraph 71)
The gain or loss arising from the derecognition of an item of property, plant and equipment shall be determined as the difference between the net disposal proceeds, if any, and the carrying amount of the item.
9.7 Consideration Measurement (Paragraph 72)
The amount of consideration to be included in the gain or loss is determined in accordance with the requirements for determining the transaction price in paragraphs 47-72 of HKFRS 15. Subsequent changes to estimated consideration are accounted for per HKFRS 15.
10. DISCLOSURE (Paragraphs 73-79)
10.1 Required Disclosures for Each Class of PPE (Paragraph 73)
The financial statements shall disclose:
(a) Measurement bases used for determining gross carrying amount
(b) Depreciation methods used
(c) Useful lives or depreciation rates used
(d) Gross carrying amount and accumulated depreciation (aggregated with accumulated impairment losses) at beginning and end of period
(e) Reconciliation of carrying amount at beginning and end of period showing:
| Item | Description |
|---|---|
| (i) | Additions |
| (ii) | Assets classified as held for sale or included in disposal group classified as held for sale (per HKFRS 5) and other disposals |
| (iii) | Acquisitions through business combinations |
| (iv) | Increases/decreases from revaluations (paras 31, 39, 40) and from impairment losses recognised or reversed in OCI (per HKAS 36) |
| (v) | Impairment losses recognised in profit or loss (per HKAS 36) |
| (vi) | Impairment losses reversed in profit or loss (per HKAS 36) |
| (vii) | Depreciation |
| (viii) | Net exchange differences from translation of financial statements |
| (ix) | Other changes |
10.2 Additional Disclosures (Paragraph 74)
The financial statements shall also disclose:
(a) Existence and amounts of restrictions on title, and PPE pledged as security for liabilities
(b) Amount of expenditures recognised in carrying amount of PPE in the course of its construction
(c) Amount of contractual commitments for acquisition of PPE
10.3 Disclosure of Proceeds Before Intended Use (Paragraph 74A)
If not presented separately in the statement of comprehensive income, disclose:
(a) Amount of compensation from third parties for impaired, lost or given up PPE included in profit or loss
(b) Amounts of proceeds and cost included in profit or loss per paragraph 20A relating to items produced that are not an output of the entity's ordinary activities, and which line item(s) include such proceeds and cost
10.4 Disclosure of Judgements (Paragraph 75)
Disclosure of:
10.5 Changes in Estimates (Paragraph 76)
Disclosure of nature and effect of changes in estimates relating to:
10.6 Revaluation Disclosures (Paragraph 77)
If items are stated at revalued amounts, disclose in addition to HKFRS 13 requirements:
(a) Effective date of revaluation
(b) Whether independent valuer was involved
(c) [Deleted]
(d) [Deleted]
(e) For each revalued class, the carrying amount that would have been recognised under the cost model
(f) The revaluation surplus, indicating change for the period and any restrictions on distribution to shareholders
10.7 Encouraged Disclosures (Paragraph 79)
Users may find the following information relevant:
| Item | Description |
|---|---|
| (a) | Carrying amount of temporarily idle PPE |
| (b) | Gross carrying amount of fully depreciated PPE still in use |
| (c) | Carrying amount of PPE retired from active use and not classified as held for sale |
| (d) | When cost model is used, fair value of PPE when materially different from carrying amount |
11. TRANSITIONAL PROVISIONS (Paragraphs 80-80D)
11.1 Exchange Transactions (Paragraph 80)
The requirements of paragraphs 24-26 regarding initial measurement of PPE acquired in an exchange of assets transaction shall be applied prospectively only to future transactions.
11.2 Revaluation Method Amendment (Paragraph 80A)
The amendment to paragraph 35 (Annual Improvements 2010-2012 Cycle) shall be applied to all revaluations recognised in annual periods beginning on or after the date of initial application and in the immediately preceding annual period.
11.3 Pre-1995 Revaluations (Paragraph 80AA)
Enterprises that carried PPE at revalued amounts in financial statements relating to periods ended before 30 September 1995 are NOT required to make regular revaluations per paragraphs 31 and 36 even if carrying amounts are materially different from fair values, provided:
11.4 Exempted Entities (Paragraph 80AB)
Entities that previously took advantage of the exemption under SSAP 17 are permitted to deem the carrying amount of an item of PPE immediately before applying HKAS 16 as the cost of that item. Depreciation on deemed cost commences from the time HKAS 16 is first applied.
11.5 Bearer Plants Transition (Paragraphs 80B-80C)
In the reporting period when Agriculture: Bearer Plants amendments are first applied:
Deemed Cost Election: An entity may elect to measure an item of bearer plants at its fair value at the beginning of the earliest period presented and use that fair value as its deemed cost. Any difference between previous carrying amount and fair value shall be recognised in opening retained earnings.
11.6 Proceeds Before Intended Use Transition (Paragraph 80D)
The 2020 amendments (Property, Plant and Equipment—Proceeds before Intended Use) shall be applied retrospectively, but only to items of PPE that are brought to the location and condition necessary for operation on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments.
12. EFFECTIVE DATE (Paragraphs 81-81N)
| Amendment | Effective Date |
|---|---|
| Original HKAS 16 | Annual periods beginning on or after 1 January 2005 |
| Scope amendments (paragraph 3) | Annual periods beginning on or after 1 January 2006 |
| HKAS 1 (revised 2007) terminology amendments | Annual periods beginning on or after 1 January 2009 |
| HKFRS 3 (revised 2008) amendment | Annual periods beginning on or after 1 July 2009 |
| Improvements to HKFRSs (October 2008) | Annual periods beginning on or after 1 January 2009 |
| Annual Improvements 2009-2011 Cycle | Annual periods beginning on or after 1 January 2013 |
| Annual Improvements 2010-2012 Cycle | Annual periods beginning on or after 1 July 2014 |
| Clarification of Acceptable Methods of Depreciation and Amortisation | Annual periods beginning on or after 1 January 2016 |
| Agriculture: Bearer Plants | Annual periods beginning on or after 1 January 2016 |
| Property, Plant and Equipment—Proceeds before Intended Use | Annual periods beginning on or after 1 January 2022 |
13. KEY TAKEAWAYS SUMMARY
| Topic | Key Point |
|---|---|
| Scope | Applies to PPE; excludes biological assets (except bearer plants), exploration assets, mineral rights; includes PPE used to develop/maintain excluded assets |
| Recognition | Probable future economic benefits + reliable measurement |
| Initial Measurement | At cost (purchase price + directly attributable costs + initial dismantling/restoration estimate) |
| Subsequent Costs | All evaluated under general recognition principle; day-to-day servicing expensed; replacements capitalised if criteria met |
| Exchange Transactions | Measured at fair value unless lacks commercial substance or fair value not reliably measurable |
| Cost Model | Cost less accumulated depreciation less accumulated impairment |
| Revaluation Model | Fair value less subsequent depreciation less subsequent impairment; entire class must be revalued |
| Revaluation Increases | OCI (equity - revaluation surplus) unless reversing previous decrease in profit or loss |
| Revaluation Decreases | Profit or loss unless reversing previous surplus in OCI |
| Component Depreciation | Each significant part depreciated separately |
| Depreciation Commencement | When asset is available for use |
| Depreciation Cessation | Earlier of classified as held for sale or derecognised |
| Residual Value | Current estimate of what would be received if asset already of age/condition expected at end of useful life |
| Depreciation Methods | Straight-line, diminishing balance, units of production; revenue-based method prohibited |
| Impairment | Per HKAS 36 |
| Derecognition | On disposal or when no future benefits expected; gain/loss in profit or loss; gains not classified as revenue |
| Proceeds Before Intended Use | Recognised in profit or loss (not deducted from asset cost) |
---
❓ Ready to Test Your Knowledge?
50 MCQs covering all sections. Timed at 1.25 min each (62.5 min total).
📝 Start Q&A →🖨️ Save as PDF