The Deloitte School of Tax & Legal, in collaboration with the Deloitte Assurance team hosted the Managing the complexities in IAS 16 Property, Plant & Equipment webinar.
IAS 16 Property, Plant and Equipment sets out the requirements for recognising and measuring an entity’s investment in long-term operational assets. Although fairly straight-forward, the standard contains areas where judgement, and at times, complex assessments are required to be made in order to derive the correct accounting treatment. The aim of this webinar is to highlight these areas and suggest practical options on how to manage these complexities. The webinar will also provide an overview of the tax implications associated with property, plant and equipment.
By the end of the webinar the participant should:
- Be able to identify, and understand the following complex areas contained within IAS 16 Property, plant and equipment:
- Scoping
- Zero-book value items
- Componentisation
- Replacement versus repairs & maintenance
- Capitalisation criteria
- Understand the the key tax principles related to capital expenditure and how to classify expenditure incurred relating to fixed assets; and
- Be able to explain the the key requirements to qualify for a tax deduction in respect of expenditure related to fixed assets in terms of the following sections of the Income Tax Act:
-
- Section 11(a): General deduction formula
- Section 11(d): Repairs & maintenance
- Section 11(e): Wear & tear allowance on non-manufacturing plant or equipment
- Section 12C: Manufacturing plant or equipment allowance
- Section 13(1): Manufacturing building allowance
- Section 13quin: Commercial building allowance
This webinar covers both the theory associated with the above topics as well as practical examples.
The webinar will contribute to 2.5 hours CPD/CPE.
Cost: R862.50 (inclusive of VAT) / R750.00 (exclusive of VAT) per person