RSM Poland


IAS 16

Spare parts, residual value and depreciation in the context of fixed assets – IAS 16

9 January 2020
Each economic entity has at least one component of a tangible fixed asset – a mobile phone, a car, or real estate. In this case, size does not matter. Since it is such a common item on the balance sheet, tangible fixed assets require a separate standard, which accurately regulates the manner of their recording in the financial statements so that users of the annual report can easily become aware of the investments of the individual in tangible fixed assets. One such standard is International Accounting Standard 16 (hereinafter: IAS 16), according to which most listed companies that are public interest entities (PIE) must report.    

Property, plant and equipment - the revaluation model under IAS 16

29 December 2016
As we financiers and accountants know, the use of IFRS[1] in Poland is not popular (yet); solutions included in the Accounting Act prevail, and with respect to recognising and subsequent depreciation of property, plant and equipment, these are also often solutions derived from the Income Tax Act. But what can we do?   [1] IFRS are the International Accounting Standards, International Financial Reporting Standards and their interpretations issued by the Standards Board in London.