Association of Accounting Technicians response to Proposed amendments to IAS 16 – Proceeds before Intended Use
Analyzing current accounting issues and communicating theoretical understanding to professional colleagues and clients.
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Added on 2023-06-15
About This Document
The Association of Accounting Technicians (AAT) has submitted a response to the consultation on Proposed Amendments to IAS 16 – Proceeds before Intended Use, agreeing with the Board's proposal to prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. AAT believes that only costs and income directly attributable to bringing an asset to the point at which it is ready for its intended use should be capitalised as part of the costs of an asset. AAT is a professional accountancy body with approximately 50,000 full and fellow members and over 90,000 student and affiliate members worldwide.
Association of Accounting Technicians response to Proposed amendments to IAS 16 – Proceeds before Intended Use
Analyzing current accounting issues and communicating theoretical understanding to professional colleagues and clients.
Added on 2023-06-15
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