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Corporate Accounting Assignment Sample Online

   

Added on  2021-01-01

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Corporate Accounting

ASSETS – PPE AND INTANGIBLESStating the carrying amount of each class of Property, Plant, and EquipmentAnnual report of Rio Tinto Ltd presents that carrying value pertaining to property, plant& equipment accounts for $62093 millions. Balance sheet of the business unit clearly presentsthat value of property, plant & equipment has increased significantly over the years from $58555to $62093 million (Annual report of Rio Tinto Ltd, 2018). At the end of 31st December 2017, netor carrying value of different kind of assets is as follows:The above depicted image shows that carrying amount of plant & equipment accounts for$36285 respectively. Thereafter, net value of mining properties & leases are higher and imply for$11488 significantly. Further, annual report of Rio Tinto Ltd shows that carrying value of land &building and capital works at the end of 31st December was $7376 & $6944. Describe the accounting policies relating to Property, Plant, and Equipment adopted by RIOTinto LimitedSection of accounting policies disclosure clearly presents that initial close down andrestoration provision is capitalized under the section of property, plant & equipment. From theannual report of company, it has assessed that Rio Tinto depreciates such cost over its useful life.

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