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ACCA FR考点：固定资产初始计量

文章来源：ACCA全球官网

发布时间：2021-09-17 11:18

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Measurement and depreciation

This is the first of three articles which consider the main features of IAS®16,Property,Plant and Equipment.This standard deals with the four main aspects of financial reporting of property,plant and equipment(PPE)that are likely to be of major relevance in the FR exam,namely:

initial measurement

depreciation

revaluation

derecognition

The first two of these areas are covered in this article.Items three and four will be covered in the second article.

The third article will provide further summaries of all four areas as well as more examples for you to work through.

Overview

IAS 16 defines PPE as tangible items that are:

held for use in the production or supply of goods or services,for rental to others,or for administrative purposes,and

expected to be used during more than one period.

Initial measurement

IAS 16 requires that PPE should initially be measured at‘cost’and the cost of an item of PPE should be recognised 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.

The cost of an item of PPE comprises:

(a)its purchase price,including import duties and non-refundable purchase taxes,after deducting trade discounts and rebates.

(b)any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.These are costs that would have been avoided if the asset had not been purchased or constructed.Directly attributable costs include:

costs of employee benefits arising directly from the construction or acquisition of the item of PPE

costs of site preparation

initial delivery and handling costs

installation and assembly costs

the cost of testing whether the asset is functioning properly,and

professional fees.

(c)The initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.This is a component of cost to the extent that it is recognised as a provision under IAS 37,Provisions,Contingent Liabilities and Contingent Assets.In accordance with the principles of IAS 37,the amount to be capitalised in such circumstances would be the amount of foreseeable expenditure appropriately discounted where the effect is material.【点击免费下载>>>更多ACCA学习相关资料】

Where any of these costs are incurred over a period of time(such as employee benefits),the period for which the costs can be included in the cost of PPE ends when the asset is ready for use,even if the asset is not brought into use until a later date.As soon as an asset is capable of operating,it is ready for use.The fact that it may not operate at normal levels immediately(eg because demand has not yet built up),does not justify further capitalisation of costs in this period.Any abnormal costs(for example,wasted material)cannot be included in the cost of PPE.

IAS 16 does not specifically address the issue of whether borrowing costs associated with the financing of a constructed asset can be regarded as a directly attributable cost of construction.This issue is addressed in IAS 23,Borrowing Costs.IAS 23 requires the inclusion of borrowing costs as part of the cost of constructing the asset.To be consistent with the treatment of‘other costs’,only those borrowing costs that would have been avoided if the asset had not been constructed are eligible for inclusion.If the entity has borrowed funds specifically to finance the construction of an asset,then the amount to be capitalised is the actual finance costs incurred.Where the borrowings form part of the general borrowing of the entity,then a capitalisation rate that represents the weighted average borrowing rate of the entity should be used.

Examples of costs that are not costs of an item of PPE include:

costs of opening a new facility

costs of introducing a new product or service(including costs of advertising and promotional activities)

costs of conducting business in a new location or with a new class of customer(including costs of staff training),and

administration and other general overhead costs.

These costs should be charged to the statement of profit or loss as they arise.

EXAMPLE

On 1 October 20X6,Omega began the construction of a new factory.Costs relating to the factory,incurred in the year ended 30 September 20X7,are as follows:

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Note 1:The factory was constructed in the eight months ended 31 May 20X7.It was brought into use on 30 June 20X7.The employee benefit costs are for the nine months to 30 June 20X7.

Note 2:The production overheads were incurred in the eight months ended 31 May 20X7.This includes an abnormal cost of$200,000 which was incurred due to the need to rectify damage resulting from a gas leak.

Note 3:Omega Co took out a loan of$12m on 1 October 20X6 to partly fund the construction of the factory.The loan carries a rate of interest of 10%per annum.

Note 4:The factory has an expected useful life of 20 years.At that time the factory will be demolished and the site restored to its original condition.This restoration is a legal obligation that arose on signing the contract to purchase the land.The expected costs of fulfilling this obligation are$2m.An appropriate discount rate is 8%which represents a discount factor of 0.215 for the 20-year period.

Required

Calculate the initial cost of the factory.

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Any costs not capitalised as part of the factory cost will be expensed to the statement of profit or loss as incurred.

The discount on the restoration costs will be unwound over the 20-year useful life and charged annually to finance costs in the statement of profit or loss.

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