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Accounting for Property, Plant and Equipment - Coggle Diagram
Accounting for Property, Plant and Equipment
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Depreciation
Depreciation is the systematic allocation of the depreciable amount of the asset over its useful life
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The depreciation method used would reflect the pattern in which the asset's future economic benefits are expected to be consumed by the entity
The residual value of an asset is the estimated amount that an entity would obtain from disposal of the asset after deducting the estimated costs f disposal if the asset were at the end of its useful life
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Derecongition
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The gain or loss on disposal is the difference between the proceeds and the carrying amount at that time and should be recognised the P&L and OCI
Dislcosure
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If PPE is stated at evaluated amounts, certain additional disclosures are required
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For each revalued class of property, the carrying amount that would have been recognised had the assets been carried under the cost model
The revaluation surplus including changes during the period and any restrictions on the distribution of the balance to shareholders