CAPÍTULO III: FORMULACIÓN Y EVALUACIÓN DE LA PROPUESTA
3.3. COMPONENTES Y DESCRIPCIÓN DE LA PROPUESTA
3.3.1 FASE I: POLÍTICAS
with regard to the residual value, the costs of major
inspection and the (legal) revaluation reserve.
The following comparisons have been made based
on the Dutch Civil Code, DAS 212 ‘Tangible fixed
assets’ DAS 940 ‘Definitions’ (Dutch GAAP) and IAS 16
‘Property, plant and equipment’ (IFRS).
Dutch GAAP IFRS
Definition Property, plant and equipment (PPE) are tangible assets that are:
• held for use in the production or supply of goods and services, for rental to others or for administrative purposes; and
• expected to be used during more than one period.
DAS 212.106, DAS 940
Same as Dutch GAAP.
PPE classified as held for sale (IFRS 5), biological assets (IAS 41), exploration and evaluation assets (IFRS 6) and mineral rights and reserves are explicitly out of scope of IAS 16.
IAS 16 does apply to PPE used to develop or maintain the above listed assets.
IAS 16.3, 16.6
Initial measurement
PPE is measured initially at cost. Cost includes: • purchase price;
• any costs directly attributable to bring the asset to the location and condition necessary for it to be capable of operating in the manner intended by management; and • borrowing costs that are directly attributable to the
acquisition, construction or production of an asset. Furthermore an entity may include the costs of dismantling and removing the asset in the initial cost or recognise an increasing provision for these costs (option).
Article 2:388.2, DAS 212.302, 212.435-436
Similar to Dutch GAAP, with the addition that the initial estimate of costs of dismantling and removing the asset and restoring the site on which it is located are also included in cost.
IAS 16.16, IAS 23.8
Subsequent measurement
PPE can be carried at cost less accumulated depreciation and any impairment losses (cost model). In addition to this, the revaluation model is allowed, in which classes of PPE are carried at a revalued amount less any accumulated depreciation and subsequent accumulated impairment losses.
A revaluation reserve is recognised for the difference between the cost price (taking into account any accumulated depreciation and impairment losses) and the revalued amount.
Article 2:384.1, 2:390.3, DAS 212.401
In addition to the cost model, the revaluation model is an option, in which classes of PPE are carried at a revalued amount, being its fair value at revaluation date less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Revaluation shall be made with sufficient regularity.
IAS 16.30-42
Recognition of revaluation in equity
If an entity revalues an asset, it recognises a revaluation reserve in equity (legal requirement) unless this upward revaluation is a reversal of a prior downward revaluation. In that case, the upward revaluation is taken to the income statement
Any downward revaluations, including permanent diminutions in value, are deducted from the revaluation reserve, subject to maintaining the revaluation reserve at the statutory minimum. The statutory minimum requires that the reserve is at least equal to the sum of the upward revaluations above cost (taking into account any accumulated depreciation and impairment losses), relating to the assets still held at the balance sheet date. Any downward revaluations which would take the reserve below zero must be taken to the income statement.
Article 2:390, DAS 212.412 – 414
If an asset’s carrying amount is increased as a result of a revaluation, the increase is recognised in other comprehensive income and accumulated in equity as ‘revaluation reserve’.
Upward revaluations related to assets previously subject to a revaluation decrease are recognised in the income statement up to the amount previously decreased. A downward revaluation is recognised in the income statement unless this is related to an asset previously revalued upwards. Then the decrease is recognised in other comprehensive income and reduces the amount accumulated as revaluation surplus in equity. Legal reserves are not covered in the standard.
Dutch GAAP IFRS Major inspection The cost of a major inspection or replacement of parts of
an item occurring at regular intervals over its useful life is capitalised to the extent that it meets the recognition criteria of an asset. The carrying amount of the previous inspection or parts replaced is derecognised.
In addition, entities are also allowed to recognise a provision for costs of major inspection.
If the recognition criteria are not met, the costs are expensed.
Article 2:374.1, DAS 212.445, 212.448, 212.451
Similar to Dutch GAAP except for the option to recognise a provision for costs of major inspection.
IAS 16.13
Impairment PPE is tested for impairment when there is an indication that the asset may be impaired. Existence of impairment indicators is assessed at each reporting date.
DAS 212.453, DAS 121
Same as Dutch GAAP.
IAS 16.63, IAS 36.7-9
Depreciation − definition
The systematic allocation of the depreciable amount of an asset over its useful life.
DAS 212.106, DAS 940
Same as Dutch GAAP.
IAS 16.6
Components approach
PPE may have significant parts with different useful lives or with significantly different patterns of benefit consumption. In that case the cost of an item of PPE is allocated to its significant parts, with each part depreciated separately. Significant parts that have the same useful life and depreciation method may be grouped in determining the depreciation charge.
DAS 212.418-420
Same as Dutch GAAP.
IAS 16.43-47
Depreciation charge
The depreciation charge for each period is recognised in the income statement unless it is included in the carrying amount of another asset (this is the case when an asset is used to produce another asset).
DAS 212.421-422
Same as Dutch GAAP.
IAS 16.48
Depreciable amount and depreciation period
The depreciable amount of an asset is allocated over its useful life. The residual value and the useful life of an asset are reviewed if there is an indication of change since the last reporting date and amended if expectations differ from previous estimates.
Change in residual value or useful life is accounted for as a change in estimates.
DAS 212.426-428, DAS 145
Similar to Dutch GAAP although IAS 16 specifically states that the residual value and the useful life of an asset are reviewed at least at each annual reporting date and amended if expectations differ from previous estimates.
IAS 16.50-51
Depreciation method
The depreciation method should reflect the pattern in which the asset’s future economic benefits are expected to be consumed by the entity.
The depreciation method is reviewed if there is an indication that there has been a significant change since the last annual reporting date. Change in the depreciation method is accounted for as a change in estimates (DAS 145).
DAS 212.423-425
Similar to Dutch GAAP although IAS 16 specifically states that the depreciation method is reviewed at least at each annual reporting date.
IAS 16.60-62
Non-current assets held for sale
Dutch GAAP does not have separate accounting for assets held for sale.
If non-current assets are no longer in use, those assets are measured at:
• their carrying amount or lower realisable value, or, by means of a temporary revaluation, the higher realisable value (cost model); or
• the realisable value (current value model) if the decision has been made to sell the asset.
For the difference compared to the carrying amount, a revaluation reserve is recognised.
Article 2:390.1, DAS 212.501-503
A plan to dispose of an asset is an indicator of impairment that triggers the calculation of the asset’s recoverable amount for the purpose of determining whether the asset is impaired.
PPE is classified as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Assets held for sale, which are not depreciated, are measured at the lower of its carrying amount and fair value less costs to sell.