IFRS08 Property, Plant and Equipment IAS16 2023 with complete solution questions and answers

Which ONE of the following statements best describes 'residual value'? 1. The estimated net amount currently obtainable if the asset were at the end of its useful life 2. The present value of estimated future cash flows expected to arise from the continuing use of the asset and from its ultimate disposal 3. The amount at which the asset could be exchanged between knowledgeable, willing parties in an arm's length transaction 4. The amount of cash or cash equivalents that could currently be obtained by selling the asset in an orderly disposal Answer: 1 The correct definition of residual value is the estimated amount currently obtainable if the asset were at the end of its useful life. This definition is in IAS16 para 6 and in the IASB Glossary. 6 定義 資産の残存価額とは,資産の耐用年数が到来し,耐用年数の終了時点で予想される当該資産の状態であったとした場合に,企業が当該資産を処分することにより現時点で得るであろう金額(処 分費用の見積額を控除後)をいう 2. はそのまま present value 3. は FV 4. は Realisable value Which ONE of the following terms best describes the cost (or an amount substituted for cost) of an asset less its residual value? 1. Revalued amount 2. Carrying amount 3. Recoverable amount 4. Depreciable amount Answer: 4 See IAS16 para 6 for definitions. 償却可能額とは,資産の取得原価(又は取得原価に代わる価額)から残存価額を控除した金額を いう 他の選択肢に関して６項の定義 2. Carrying amount is the amount at which an asset is recognised after deducting any accumulated depreciation and accumulated impairment losses. 簿価 3. Recoverable amount is the higher of an asset's fair value less costs to sell and its value in use. 回収可能額 Which ONE of the following statements best describes the carrying amount of an asset? 1. The cost (or an amount substituted for cost) of the asset less its residual value 2. The amount at which the asset is recognised in the statement of financial position after deducting any accumulated depreciation and accumulated impairment losses 3. The higher of the asset's net selling price and its value in use 4. The fair value of the asset at the date of a revaluation less any subsequent accumulated impairment losses Answer: 2 IAS16 para 6 defines the carrying amount. 帳簿価額とは,資産が減価償却累計額及び減損損失累計額控除後で認識されている価額をいう 1. は Deppreciable amount 2. が Carrying amount 3. は ? (要アップデート！） 4. は PPE の評価替えに関する表記 Which ONE of the following terms best describes the removal of an asset from an entity's statement of financial position? 1. Derecognition 2. Impairment 3. Write-off 4. Depreciation Answer: 1 See IAS16 paras 67 onward. 認識の中止 67 有形固定資産項目の帳簿価額の認識は,次の場合に中止しなければならない (a) 処分時 (b) その使用又は処分から将来における経済的便益が何ら期待されないとき Which ONE of the following statements best describes the term 'depreciation'? 1. The systematic allocation of an asset's cost less residual value over its useful life 2. The removal of an asset from an entity's statement of financial position 3. The amount by which the recoverable amount of an asset exceeds its carrying amount 4. The amount by which the carrying amount of an asset exceeds its recoverable amount Answer: 1 See IAS16 para 6 for definitions. 減価償却とは,資産の償却可能額を規則的にその耐用年数にわたって配分することをいう Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. 2. は Derecognition 認識の中止 3. は 逆のケースだった場合（the carrying amount of an asset exceeds its recoverable amount）impairment loss が生じると６に定義されているこの場合何も起こらない 4. は上記の通りimpairment loss の定義 Are the following statements regarding the cost of an asset true or false, according to IAS16 Property, plant and equipment ? Statement 1 The cost includes cash equivalents paid to acquire an asset. Statement 2 The cost includes the fair value of any non-monetary consideration given to acquire an asset. 1. Statement 1: False, Statement 2: False 2. Statement 1: False, Statement 2: True 3. Statement 1: True, Statement 2: False 4. Statement 1: True, Statement 2: True Answer: 4 Both statements are true. IAS16 para 6 defines the cost of an asset. 取得原価とは,資産の取得時又は建設時において,当該資産取得のために支出した現金若しくは 現金同等物の金額,又はその他の引き渡した対価の公正価値,あるいは IFRS 第2号株式報酬 等の他の IFRS における別段の定めに従って当初認識された資産に帰属する価額をいう Which of the following terms best describes the systematic allocation over its useful life of the cost of an asset, or other amount substituted for cost, less its residual value? 1. Depreciation 2. Derecognition 3. Impairment 4. Value in use Answer: 1 IAS16 para 6 and IAS36 para 6 define depreciation, which is calculated by reference to the depreciable amount (the cost of an asset, or other amount substituted for cost, less its residual value). 減価償却とは,資産の償却可能額を規則的にその耐用年数にわたって配分することをいう Depreciation is the systematic allocation of the depreciable amount of an asset over its useful life. Which ONE of the following terms best describes the amount at which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction? 1. Fair value 2. Value in use 3. Residual value 4. Realisable value Answer: 1 The correct answer is "Fair value", as defined in the Glossary and in many IFRSs. 5. Residual value = The residual value of an asset is the estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life. 4. Realisable value = The amount of cash or cash equivalents that could currently be obtained by selling the asset in an orderly disposal 実現可能価額 Which TWO of the following statements are correct per IAS16 Property, plant and equipment ? 1. Assets are depreciated even if their fair value exceeds their carrying amount 2. Land and buildings are accounted for separately, even when acquired together 3. A non-current asset acquired as the result of an exchange of assets is not recognised 4. A gain on disposal of a non-current asset is classified as revenue Answer: 1, 2 See IAS16 paras 24, 52, 58 and 68. 3. は損益は計上しないが認識されるので誤り 4. は売上に計上は出来ないので誤り損益は出る 68 The gain or loss arising from the derecognition of an item of property, plant and equipment shall be included in profit or loss when the item is derecognised (unless IAS 17 requires otherwise on a sale and leaseback). Gains shall not be classified as revenue. According to IAS16 Property, plant and equipment, which TWO of the following items should be capitalised into the cost of property, plant and equipment? 1. Cost of excess materials resulting from a purchasing error 2. Cost of testing whether the asset works correctly 3. Initial operating losses whilst demand builds up 4. Cost of preparing the site for installation Answer: 2, 4 IAS16 paras 16-20 define elements of cost. 1と3は以下に該当しない3は demand builds up とのことなので22を既に満たしており不正解 17 直接付随費用の例は,次のとおりである (a)有形固定資産項目の建設又は取得により直接生じる従業員給付費用(IAS 第19号従業員給付に定義) (b) 整地費用 (c) 当初の搬入及び取扱費用 (d) 据付及び組立費用 (e) 資産が正常に機能するかどうかの試運転費用 (f) 専門家報酬 22 有形固定資産項目の帳簿価額への原価の認識は,当該項目を経営者が意図した方法で稼働可能とするために必要な場所及び状態に収めたときに終了する Under the principles of IAS16 Property, plant and equipment, which TWO of the following should be included in the cost of an item of property, plant and equipment? 1. Initial delivery and handling costs 2. Apportioned general overhead costs 3. Costs of training staff on the new asset 4. Installation and assembly costs Answers: 1, 4 2及び3は19で規定されている対象外の項目の典型例 19 有形固定資産項目の取得原価を構成しない費用の例は,次のとおりである (a) 新しい施設の開設費用 (b) 新しい製品やサービスを導入する費用(宣伝やプロモーション活動費を含む) (c) 新たな場所で,又は新たな層の顧客に向けて事業を行う費用(従業員の研修費を含む) (d) 管理費及びその他の一般間接費 Which TWO of the following disclosures must be made under IAS16 Property, plant and equipment ? 1. The existence and amounts of restrictions on title 2. A narrative discussion of future capital expenditure plans 3. The disposal proceeds of each major asset sold in the period 4. The measurement bases used for determining the gross carrying amount Answer: 1, 4 See IAS16 paras 73-74. 2. 対談などは必要な訳が無いので誤り 3. は個別に開示する必要はないので誤り Which ONE of the following statements regarding depreciation is true, according to IAS16 Property, plant and equipment ? 1. An asset must be depreciated from the date of its purchase to the date of sale 2. The annual depreciation charge should be constant over the life of the asset 3. The total cost of an asset must eventually be depreciated 4. If the carrying amount of an asset is less than the residual value, depreciation is not charged Answer: 4 "54 The residual value of an asset may increase to an amount equal to or greater than the asset's carrying amount. If it does, the asset's depreciation charge is zero unless and until its residual value subsequently decreases to an amount below the asset's carrying amount. " 残存価格が簿価を上回る評価がなされることがあるその場合は償却済みと見なして残存価額が再度簿価を下回る様になるまで減価償却は行わない Under IAS16 Property, plant and equipment, which TWO of the following costs relating to non-current assets should be capitalised? 1. Replacement of a building's roof every 15 years 2. Maintenance of an asset on a three-monthly basis 3. Installation and assembly costs 4. Replacement of small spare parts annually Answer: 1, 3 The principles in IAS16 paras 13 and 17 only permit installation costs and the roof replacement to be capitalised. The Charcoal Company is purchasing a second-hand polishing machine from a competitor who has gone bankrupt. It will incur the following costs (CU): Agreed price to be paid to vendor : 8,000 Dismantling the machine at its current location : 400 Transportation to Charcoal's factory : 350 Machine refurbishment costs prior to re-installation : 175 Re-installation : 125 Under IAS16 Property, plant and equipment, the total included in non-current assets in respect of the machine should be 1. CU8,875 2. CU9,050 3. CU8,125 4. CU8,000 Answer: 2 The correct answer includes all the costs listed since they are all required to bring the machine into working condition. See IAS16 paras 16-17. 16 有形固定資産項目の取得原価は,次のものから構成される (a) 値引き及び割戻し控除後の購入価格(輸入関税及び還付されない取得税を含む) (b) 当該資産の設置費用,並びに経営者が意図した方法で稼働可能にするために必要な状態にすることに直接起因する費用 (c) 当該資産項目の解体及び除去費用,並びに敷地の原状回復費用,取得時に,又は特定の期間に棚卸資産を生産する以外の目的で当該有形固定資産項目を使用した結果生ずる債務の当初見積額 The Plaice Company acquired a new filing machine, the list price of which was CU49,000. The supplier allowed a trade discount of CU1,700 off the list price. On delivery, the cost of installing the machine in its desired location was CU450. According to IAS16 Property, plant and equipment, at what cost should the filing machine be measured in the financial statements of Plaice? 1. CU47,750 2. CU49,000 3. CU49,450 4. CU47,300 Answer: 1 The correct answer is CU47,750, calculated as the list price less discount plus installation costs. See IAS16 paras 16 and 17. The Tanager Company purchased a boring machine on 1 January 20X8 for CU81,000. The useful life of the machine is estimated at 3 years with a residual value at the end of this period of CU6,000. During its useful life, the expected units of production from the machine are: 20X1 : 12,000 units 20X2 : 7,000 units 20X3 : 5,000 units What should be the depreciation expense for the year ended 31 December 20X9, using the most appropriate depreciation method permitted by IAS16 Property, plant and equipment ? 1. CU27,000 2. CU21,875 3. CU23,625 4. CU25,000 Answer: 2 See IAS16 para 56, which indicates that assets are consumed principally through their use. In this example the answer is calculated as (the original cost less the residual value) divided by total units produced in 3 years multiplied by total units produced in 20X2. The Lamprey Defence Company acquired an aeroplane in 20X6. At the time of acquisition, the cost of the jet frame was CU4.6million and the additional cost of the engine was CU600,000. In 20X9, the engine was replaced with a new one costing CU1,100,000. At the time of replacement, the accumulated depreciation to date on the jet frame was CU1,750,000 and on the engine was CU400,000. Using the principles outlined in IAS16 Property, plant and equipment, what amount should be derecognised at the date of replacement? 1. CU200,000 2. Nil 3. CU600,000 4. CU1,100,000 Answer : 1 The correct answer is CU200,000 i.e. the carrying amount of the replaced part. See IAS16 para 70. Dr.) Engine new 1,100 Cr.) Cash 1,100 Dr.) Accumulated Depreciation 400,000 Dr.) Loss on disposal 200,000 Cr.) Engine old 600,000 The Matteo Company acquired a drilling machine on 1 October 20X6 at a cost of CU25,000 and depreciated it at 25% per annum on a straight line basis. On 1 October 20X8, CU5,000 was spent on an upgrade to the machine in order to improve its efficiency and increase the inflow of economic benefits over the machine's remaining life. According to IAS16 Property, plant and equipment, what depreciation expense should be recognised in profit or loss for the year ended 30 September 20X9? 1. CU8,750 2. CU6,250 3. CU7,500 4. CU11,250 Answer: 1 CU8,750 is the correct answer. Depreciation for each separate part of equipment should be calculated separately per IAS16 para 43. The original machine would have been depreciated in each of the years ended 30 September 20X7 and 20X8. Therefore the asset had two years' useful life remaining when the upgrade was purchased. The expense for the current year is CU6,250 plus CU2,500. The Maraldi Company purchased a non-current asset with a useful life of 12 years on 1 January 20X9 for CU6,500,000. At its year end of 31 December 20X9, the amount the company would receive from the disposal of the asset if it was already of the age and in the condition expected at the end of its useful life was estimated at CU700,000. Inclusive of inflation the actual amount expected to be received on disposal was estimated at CU900,000. What should be the depreciation charge under IAS16 Property, plant and equipment, for the year ended 31 December 20X9? 1. CU483,333 2. CU466,667 3. Nil 4. CU541,667 Answer: 1 The correct answer is CU483,333, calculated as (CU6.5million less CU0.7million) / 12. The residual value is the estimated amount "currently" obtainable, so it does not include inflation. See IAS16 para 6. "The residual value of an asset is the estimated amount that an entity would currently obtain from disposal of the asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its usefu