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Accountin For Asset

Demolition Costs– New Policy• Demolition costs included in cost of new buildings as site preparation only where– No legal or constructive obligation to restore – Formal management commitment to demolish and build on the site • Demolition costs expensed where no intention to rebuild on the site
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Subsequent Expenditure• Major replacements and regular major inspections (which are a condition of continued operation) are capitalised (AASB 116 paras 13-14)• Repairs and maintenance are expensed as is day to day servicing (AASB 116 para 12)
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VALUATION
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Cost vs Valuation – AASB 116 (para 29) allows (by class) use of either– Cost model or – Valuation model • Non-Current Asset Policies override –......


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Approximate Word Count: 815
Approximate Pages: 4 (250 words per double-spaced page)

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  1. Accountin For Asset

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