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IAS 16, which stands for International Accounting Standard 16, is a standard issued by the International Accounting Standards Board (IASB).If an entity chooses to revalue, it must revalue the entire class of assets to which the asset belongs, and the revaluations should be performed with sufficient regularity to ensure that the carrying amount does not materially differ from fair value.Derecognition: PP&E is derecognized when it is disposed of or when no future economic benefits are expected from its use or disposal.Any gain or loss arising from the derecognition of PP&E is recognized in profit or loss.Overall, IAS 16 provides comprehensive guidance on the recognition, measurement, subsequent expenditure, depreciation, revaluation, and derecognition of Property, Plant, and Equipment, ensuring consistency and comparability in financial reporting.Subsequently, PP&E is measured at cost less accumulated depreciation and any accumulated impairment losses.Subsequent Costs: Subsequent costs are generally capitalized if they meet certain criteria, such as increasing the future economic benefits of the asset or extending its useful life.

IAS 16, which stands for International Accounting Standard 16, is a standard issued by the International Accounting Standards Board (IASB). It deals with the accounting treatment for Property, Plant, and Equipment (PP&E). Here's an overview of IAS 16:Recognition: IAS 16 requires entities to recognize PP&E as assets if it is probable that future economic benefits associated with the asset will flow to the entity and the cost of the asset can be measured reliably. This means that an entity should recognize an item of PP&E as an asset if it meets these criteria.Measurement: Initially, PP&E is measured at cost. This includes all 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. Subsequently, PP&E is measured at cost less accumulated depreciation and any accumulated impairment losses.Subsequent Costs: Subsequent costs are generally capitalized if they meet certain criteria, such as increasing the future economic benefits of the asset or extending its useful life. Otherwise, they are recognized as expenses in the period in which they are incurred.Depreciation: Depreciation is recognized systematically over the asset's useful life. The standard provides guidance on the methods to be used for calculating depreciation, such as straight-line method, diminishing balance method, or units of production method.Revaluation: IAS 16 allows entities to choose to revalue their PP&E to fair value, but this is not mandatory. If an entity chooses to revalue, it must revalue the entire class of assets to which the asset belongs, and the revaluations should be performed with sufficient regularity to ensure that the carrying amount does not materially differ from fair value.Derecognition: PP&E is derecognized when it is disposed of or when no future economic benefits are expected from its use or disposal. Any gain or loss arising from the derecognition of PP&E is recognized in profit or loss.Overall, IAS 16 provides comprehensive guidance on the recognition, measurement, subsequent expenditure, depreciation, revaluation, and derecognition of Property, Plant, and Equipment, ensuring consistency and comparability in financial reporting.