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Forensic Accounting

What are negative international critiques on IAS16


What are Negative and Positive Critiques on Property Plant and Equipment? IAS16

asked Jul 18, 2016 in IAS 16 - Property, Plant and Equipment by Nokuthula Bohlela

1 Answer

0 votes

Few of the positive aspects related to IAS 16 are: 

1. It makes it easy for accountants to carry out the accounting process for the plant, equipment and property.

2. It is a reliable, easy to follow method, and is used worldwide.

Some of the negative aspects related to IAS 16 are:

1. It does not prescribe the unit of measure for recognition of what constitutes plant, property and equipment.

2. There are various limitations in the standard that is applicable only to a specified class of plant, property and equipment.

 

answered Dec 9, 2016 by Shivangi Level 4 Member (7,570 points)



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