[Disclosure Checklist] Ind AS 16 | Property Plant and Equipment

Ind AS 16, Property, Plant and Equipment is applied in the accounting for Property, Plant and Equipment. It is initially recognised at cost which includes all expenditures directly attributable to bringing the asset to the location and working condition for its intended use. Here, the term cost includes estimated cost of dismantling and removing the asset and restoring the site.

Ind AS 16 prescribes certain disclosure requirements related to PPE. The same are as below:

– Does the entity disclose the effects of taxes on income, if any, resulting from the revaluation of property, plant and equipment in accordance with Ind AS 12

– Check whether the financial statements has disclosed, for each class of PPE:

(a) measurement bases used for determining the gross carrying amount;

(b) depreciation methods used;

(c) useful lives or the depreciation rates used;

(d) gross carrying amount and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period; and

(e) a reconciliation of the carrying amount at the beginning and end of the period showing:

(i) additions during the year;

(ii) assets classified as held for sale or included in a disposal group classified as held for sale in accordance with Ind AS 105 and other disposals;

(iii) acquisitions of asset through business combinations;

(iv) increases or decreases resulting from revaluations under paragraphs 31, 39 and 40 and from impairment losses recognised or reversed in other comprehensive income

(v) impairment losses recognised in profit or loss

(vi) impairment losses reversed in profit or loss

(vii) depreciation;

(viii) the net exchange differences arise; and

(ix) other changes.

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