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IAS 16 PROPERTY, PLANT AND EQUIPMENT

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International Accounting Standard 16  Property, Plant and Equipment  (IAS 16) is set out in  paragraphs 1⁠–⁠83  and the  Appendix . All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 16 should be read in the context of its  objective  and the  Basis for Conclusions , the  Preface to IFRS Standards  and the  Conceptual Framework for Financial Reporting .  IAS 8  Accounting Policies, Changes in Accounting Estimates and Errors  provides a basis for selecting and applying accounting policies in the absence of explicit guidance. [ Refer: IAS 8 paragraphs 10⁠–⁠12 ]

International Accounting Standard 16 Property, Plant and Equipment

However, this Standard applies to property, plant and equipment used to develop or maintain the assets described in (b)⁠–⁠(d).

Definitions

( Paragraphs 5A⁠–⁠5B of IAS 41  elaborate on this definition of a bearer plant.)

Carrying amount  is the amount at which an asset is recognised after deducting any accumulated  depreciation  and accumulated  impairment losses . [ Refer: paragraph 28 (re government grants) ]

Cost [ Refer: paragraphs 7⁠–⁠28 ] is the amount of cash or cash equivalents paid or the  fair value  of the other consideration given to acquire an asset at the time of its acquisition or construction or, where applicable, the amount attributed to that asset when initially recognised in accordance with the specific requirements of other IFRSs, eg  IFRS 2    Share‑based Payment .

Depreciable amount [ Refer: paragraph 50 ] is the  cost  of an asset, or other amount substituted for cost, less its  residual value .

Depreciation [ Refer: paragraphs 43⁠–⁠49 ] is the systematic allocation of the  depreciable amount  of an asset over its  useful life .

Entity‑specific value [ Refer: paragraph 25 ] is the present value of the cash flows an entity expects to arise from the continuing use of an asset and from its disposal at the end of its  useful life  or expects to incur when settling a liability.

Fair value  is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See IFRS 13  Fair Value Measurement .)

An  impairment loss [ Refer: paragraph 63 ] is the amount by which the  carrying amount  of an asset exceeds its  recoverable amount .

Property, plant and equipment  are tangible items that: E1

Recoverable amount  is the higher of an asset’s fair value less costs of disposal and its value in use.

The  residual value [ Refer: paragraphs 51⁠–⁠54 ] 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 .

Useful life [ Refer: paragraphs 50, 51  and  55⁠–⁠59 ] is:

The issue is whether core inventories should be accounted for under IAS 16 or IAS 2.

The Interpretations Committee discussed the issue at its March 2014 meeting and tentatively decided to develop an Interpretation. The Interpretations Committee further directed the staff to define the scope of what is considered to be core inventories and to analyse the applicability of the concept to a range of industries.

At its July 2014 meeting the Interpretations Committee discussed the feedback received from informal consultations with IASB members, the proposed scope of core inventories and the staff analysis of the applicability of the issue to a range of industries.

The Interpretations Committee observed that what might constitute core inventories, and how they are accounted for, can vary between industries. The Interpretations Committee noted that significant judgement might be needed in determining the appropriate accounting. Disclosure about such judgements might therefore be needed in accordance with paragraph 122 of IAS 1  Presentation of Financial Statements .

The Interpretations Committee noted that it did not have clear evidence that the differences in accounting were caused by differences in how IAS 2 and IAS 16 were being applied. In the absence of such evidence, the Interpretations Committee decided to remove this item from its agenda.]

Recognition

Initial costs, subsequent costs, measurement at recognition, elements of cost, measurement of cost.

For the purpose of determining whether an exchange transaction has commercial substance, the entity‑specific value of the portion of the entity’s operations affected by the transaction shall reflect post‑tax cash flows. The result of these analyses may be clear without an entity having to perform detailed calculations.

Measurement after recognition

Revaluation model.

The amount of the adjustment of accumulated depreciation forms part of the increase or decrease in carrying amount that is accounted for in accordance with paragraphs 39 and 40 .

land and buildings;

motor vehicles;

furniture and fixtures;

office equipment; and

bearer plants.

Depreciation

Depreciable amount and depreciation period.

Useful life of non-removable leasehold improvements

Paragraph 50 of IAS 16 requires an item of property, plant and equipment (asset) to be depreciated over its useful life.

IAS 16 defines the useful life of an asset as (emphasis added) ‘the period over which an asset is expected to be available for use by an entity; or the number of production or similar units expected to be obtained from the asset by an entity’.

Paragraphs 56 and 57 of IAS 16 provide further requirements on the useful life of an asset. In particular, paragraph 56(d) specifies that in determining the useful life of an asset, an entity considers any ‘legal or similar limits on the use of the asset, such as the expiry dates of related leases’. Paragraph 57 specifies that the useful life of an asset ‘is defined in terms of the asset’s expected utility to the entity’, and ‘may be shorter than its economic life’.

An entity applies paragraphs 56⁠–⁠57 of IAS 16 in determining the useful life of non-removable leasehold improvements. If the lease term of the related lease is shorter than the economic life of those leasehold improvements, the entity considers whether it expects to use the leasehold improvements beyond that lease term. If the entity does not expect to use the leasehold improvements beyond the lease term of the related lease then, applying paragraph 57 of IAS 16, it concludes that the useful life of the non-removable leasehold improvements is the same as the lease term. The Committee observed that, applying paragraphs 56⁠–⁠57 of IAS 16, an entity might often reach this conclusion for leasehold improvements that the entity will use and benefit from only for as long as it uses the underlying asset in the lease.

The Committee concluded that the principles and requirements in IFRS 16 provide an adequate basis for an entity to determine the lease term of cancellable and renewable leases. The Committee also concluded that the principles and requirements in IAS 16 and IFRS 16 provide an adequate basis for an entity to determine the useful life of any non-removable leasehold improvements relating to such a lease. Consequently, the Committee decided not to add the matter to its standard-setting agenda.]

Depreciation method E4

Compensation for impairment, derecognition.

the depreciation methods [ Refer: paragraphs 60⁠–⁠62 ] used;

the  useful lives  or the depreciation rates used;

the gross carrying amount and the accumulated depreciation (aggregated with accumulated  impairment losses ) at the beginning and end of the period; and

a reconciliation of the  carrying amount  at the beginning and end of the period showing:

assets classified as held for sale or included in a disposal group classified as held for sale in accordance with  IFRS 5 [ Refer: IFRS 5 paragraphs 6⁠–⁠14 ] and other disposals;

acquisitions through business combinations;

increases or decreases resulting from revaluations under paragraphs 31 , 39 and 40 and from impairment losses recognised or reversed in other comprehensive income in accordance with  IAS 36 [ Refer: IAS 36 paragraphs 60 and  119 ] ;

impairment losses recognised in profit or loss in accordance with  IAS 36 ; [ Refer: IAS 36 paragraph 60 ]

impairment losses reversed in profit or loss in accordance with  IAS 36 ; [ Refer: IAS 36 paragraph 119 ]

depreciation ; [ Refer: paragraphs 43⁠–⁠49 ]

the net exchange differences arising on the translation of the financial statements from the functional currency into a different presentation currency, including the translation of a foreign operation into the presentation currency of the reporting entity; and

other changes.

the amount of expenditures recognised in the carrying amount of an item of property, plant and equipment in the course of its construction; and

the amount of contractual commitments for the acquisition of property, plant and equipment.

the amounts of proceeds and cost included in profit or loss in accordance with paragraph 20A that relate to items produced that are not an output of the entity’s ordinary activities, and which line item(s) in the statement of comprehensive income include(s) such proceeds and cost.

accumulated depreciation at the end of the period.

whether an independent valuer was involved;

for each revalued class of property, plant and equipment, the carrying amount that would have been recognised had the assets been carried under the cost model E5 ; and

the revaluation surplus, indicating the change for the period and any restrictions on the distribution of the balance to shareholders.

the gross carrying amount of any fully depreciated property, plant and equipment that is still in use;

the carrying amount of property, plant and equipment retired from active use and not classified as held for sale in accordance with IFRS 5 ; and

when the cost model is used, the fair value of property, plant and equipment when this is materially different from the carrying amount.

Therefore, entities are encouraged to disclose these amounts.

Transitional provisions

Effective date, withdrawal of other pronouncements, appendix amendments to other pronouncements.

The amendments in this appendix shall be applied for annual periods beginning on or after 1 January 2005. If an entity applies this Standard for an earlier period, these amendments shall be applied for that earlier period.

The amendments contained in this appendix when this Standard was issued in 2003 have been incorporated into the relevant pronouncements published in this volume.

Board Approvals

Approval by the board of ias 16 issued in december 2003.

International Accounting Standard 16 Property, Plant and Equipment (as revised in 2003) was approved for issue by the fourteen members of the International Accounting Standards Board.

Approval by the Board of Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38) issued in May 2014

Clarification of Acceptable Methods of Depreciation and Amortisation was approved for issue by fifteen of the sixteen members of the International Accounting Standards Board. Ms Tokar dissented. Her dissenting opinion is set out after the Basis for Conclusions.

Approval by the Board of Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41) issued in June 2014

Agriculture: Bearer Plants was approved for issue by fourteen of the sixteen members of the International Accounting Standards Board. Mr Finnegan and Ms McConnell voted against its publication. Their dissenting opinions are set out after the Basis for Conclusions.

Approval by the Board of  Property, Plant and Equipment—Proceeds before Intended Use  issued in May 2020

Property, Plant and Equipment—Proceeds before Intended Use , which amended IAS 16, was approved for issue by all 14 members of the International Accounting Standards Board.

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IAS-16 Property, Plant - PowerPoint PPT Presentation

IAS-16 Property, Plant

Ifric 1 changes in existing decommissioning, restoration and similar liabilities changes due to a change in: - estimated timing of payments. – powerpoint ppt presentation.

• The objective of IAS 16 is to prescribe the accounting treatment for property, plant, and equipment. The principal issues are
• the timing of recognition of asset
• the determination of their carrying amounts and
• the depreciation charges to be recognized.
• IAS-16 applied to all Property, Plant Equipment until and unless any other standard requires or permits a different accounting treatment.
• Property, Plant Equipment are tangible items that
• are held for use in the production or supply of goods or services
• for rental to others
• for administrative purposes and
• are expected to be used during more than one period.
• Recognition
• The cost of an item or Property, Plant Equipment shall be recognized as an asset if, and only if
• it is probable that future economic benefits associated with the item will flow to the entity and
• The cost of the item can be measured reliably.
• Measurement at Recognition
• An item of Property, Plant Equipment that qualifies for recognition as an asset shall be measured at its cost.
• Elements of Cost
• Purchase price (Import duties Non refundable taxes) - (Trade Discounts Rebates)
• Directly attributable costs.
• Initial estimate of the cost of dismantling and removing the item and restoring the site in which it is located.
• Costs that are not Costs of Property, Plant Equipment
• Costs of opening new facility
• Costs of introducing new product or service
• Costs of conducting business in new location or with new class of customer
• Administration and other general overhead costs
• Costs incurred in using or redeploying an item
• Amounts related to certain incidental operations.
• Examples of Directly Attributable Costs
• Cost of employee benefits.
• Cost of site preparation.
• Initial delivery and handling cost.
• Installation and assembly cost.
• Cost of testing after deducting the net proceeds from selling any items produced.
• Professional fees.
• ABC Co., is installing a new plant at its production facility. It has incurred these costs
• Cost of the plant Rs. 250,000.
• Initial delivery and handling cost Rs. 20,000.
• Cost of site preparation Rs. 60,000.
• Consultants used to advice on the acquisition Rs. 70,000.
• Interest charges paid to supplier for deferred credit Rs. 20,000.
• Estimated dismantling cost to be incurred after 7 years Rs. 30,000.
• Operating losses before commercial production Rs. 40,000.
• Find out the costs to be capitalized as per IAS-16?
• Cost to be capitalized include
• Total Cost (250,000 20,000 60,000 70,000 30,000) 430,000.
• Interest charges can be capitalized as per allowed alternative treatment of IAS-23 Borrowing Cost.
• Revalue regularly.
• Revalue all assets of the same class.
• Revaluation increases credited to
• Profit or loss to the extent they reverse previous revaluation decrease of that asset.
• Otherwise, equity (revaluation surplus).
• Revaluation decreases debited to
• Equity to the extent of any revaluation surplus in equity related to that asset.
• Otherwise, profit or loss.
• ABC Co., has an item of plant with an initial cost of Rs. 100,000. At the date of revaluation accumulated depreciation amounted to Rs. 55,000. The fair value of asset, by reference to transactions in similar assets, is assessed to be Rs. 65,000.
• Find out the entries to be passed?
• Accumulated depreciation Dr 55,000
• Asset Cost Cr 55,000
• Asset Cost Dr 20,000
• Revaluation reserve Cr 20,000
• The net result is that the asset has a carrying amount of Rs. 65,000 (100,000 55,000 20,000).
• Carrying amount (100,000 55,000) 45,000
• Fair value (revalued amount) 65,000
• Surplus 20,000
• of surplus (20,000/ 45,000) 44.44
• Entries to be Made
• Asset (100,000 x 44.44) Dr 44,440
• Accumulated Depreciation (55,000 x 44.44) Cr 24,442
• Surplus on Revaluation Cr 20,000
• Systematic allocation of cost to profit or loss over useful life.
• Depreciable amount determined after deducting residual value.
• Reviewed at least at each balance sheet date
• Residual value.
• Useful life.
• Depreciation method.
• Changes are changes in estimate, so adjust current and future periods only.
• Assess at each balance sheet date indicators of impairment.
• If indication, assess recoverable amount (higher of fair value less costs to sell and value in use).
• If recoverable amount lt carrying amount ? impairment loss.
• Recognise impairment loss as expense immediately.
• Unless carried at revalued amount (revaluation decrease).
• Use new carrying amount to calculate future depreciation.
• Refer to IAS 36 for impairment loss calculation.
• - Derecognition
• On disposal, or
• When no future benefits expected from use or disposal.
• - Difference between carrying amount and net disposal proceeds recognised as gain/loss in profit or loss.
• - Gains not classified as revenue.
• - Apply IAS 18 Revenue in determining date of disposal.
• - Consideration receivable measured at fair value.
• Do not recognize day-to-day servicing costs of the asset in the carrying amount (Recurring costs).
• Recognize in the carrying amount of PPE the cost of replacing part of such an item when the cost is incurred if the recognition criteria met.
• Recognize in the carrying amount of PPE cost of major inspection if the recognition criteria met. Any remaining carrying amount of previous inspection is de-recognized.
• Derecognise replaced parts (physical or otherwise) if identified separately.
• ABC Co., has acquired a heavy road transporter at a cost of Rs. 100,000 (with no breakdown of component parts). The estimated useful life is 10 years. At the end of the sixth year, the power train requires replacement, as further maintenance is uneconomical due to the off-road time required. The remainder of the vehicle is perfectly road worthy and is expected to last for the next four years. The cost of the new power train is Rs. 45,000.
• Can the cost of new power train can be recognized as the asset, and if so, what treatment should be used?
• The new power train will produce economic benefits to the ABC Co. and
• Cost of the power train can be measured reliably. Hence, the item should be recognized as the asset.
• The cost Rs. 45,000 of new power train will be added to the carrying amount.
• The original invoice of the transporter did not specify the cost of the power train. Therefore, the cost of replacement Rs. 45,000 will be used as indicative price and discount to year 1, i.e., (45,000/ 1.056) 33,500.
• It is assumed that discount rate used is 5.
• - Revised Cost (100,000 - 33,500 45,000) 111,500
• Acquired asset will be measured at fair value if
• Exchange has commercial substance.
• Fair value of the asset acquired can be measured reliably.
• Acquired asset will be measured at carrying amount of the asset given up if
• Exchange lacks commercial substance.
• Fair value of the asset acquired can not be measured reliably.
• Changes due to a change in
• - Estimated timing of payments.
• - Estimated amount of payments.
• - Discount rate
• - Added to / deducted from cost of underlying asset and depreciated prospectively over remaining useful life.
• - Applies regardless of accounting policy (cost or revaluation model) but implementation varies.
• - Changes in liability added/deducted from asset cost in current period.
• - No negative carrying amount possible any excess recognised immediately in profit or loss.
• - Increase in carrying amount triggers consideration of impairment. Calculation of recoverable amount might be necessary.
• Revaluation model
• Change in liability does not affect valuation of asset (impact on valuation reserve)
• Change in liability indication that asset might have to be revalued
• - Measurement basis
• - Depreciation methods
• - Useful lives or depreciation rates
• - Gross carrying amount and accumulated depreciation at beginning and end of period
• - Reconciliation at beginning and end of period showing
• - Comparative information required
• - Existence and amounts of restrictions on title to assets.
• - PPE pledged as securities for liabilities.
• - Amount of expenditures on account for PPE in the course of construction.
• - Commitments for acquisition of PPE.
• - Compensation from third parties.
• - Disclosure requirements for revalued assets
• Date of revaluation.
• Whether independent valuer was used.
• Methods and significant assumptions applied in estimating fair values.
• Extent to which fair values were determined directly or estimated.
• Carrying amount of each class of revalued PPE as under the cost model.
• Revaluation surplus, including movement and any restrictions of distribution of balance to shareholders.

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IAS 16 Property Plant Equipment

Aug 13, 2014

260 likes | 476 Views

IAS 16 Property Plant Equipment. 1. Non-Current Assets. Statement of Financial Position The recognition of assets (Cost) The determination of their carrying amounts (NBV) The depreciation charges and any losses relating to them. 2. Accounts. NCA Cost Account Disposals Account

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Presentation Transcript

1. Non-Current Assets Statement of Financial Position • The recognition of assets (Cost) • The determination of their carrying amounts (NBV) • The depreciation charges and any losses relating to them.

2. Accounts • NCA Cost Account • Disposals Account • Depreciation Account • Revaluation Reserve Account • Bank Account

3. IAS 16 • Consistent principles applied to the initial measurement of the asset • Determination of their carrying value is consistent • Depreciation is calculated consistently and recognised • Sufficient disclosure for users

4. Initial Recognition - Cost • 2 Condition for recognition • Future economic benefit will flow from the item to the business • The cost can be measured reliably

Expenses rather than cost • Cannot include • cost of storage while waiting to use NCA • Initial operating losses as a result of asset output • Cost of business relocation • Design errors • Wastage • Industrial disputes

5. Capitalisation • Including items other than purchase price of the asset • Don’t debit the expense account (SP&L) • Debit the asset account (SFP) • If they were to be written off as an expense in one year it would not reflect the substance of the transaction

Paul Boyle incurs the following costs in relation to the construction of a new factory and the introduction of its products to the local market. How much of the costs should be capitalised? COSTS CAPITALISED - ANSWER

Enhancement costs • Enhancement costs which significantly enhance the economic benefits by increasing the capacity, improving the quality of output, extending the economic life of the asset or by reducing the operating costs of the assets can be capitalised. • The replacement costs of major components and overhaul costs which improve the economic benefit that can be generated can also be capitalised. • Where NCA consists of a number of assets of different economic lives, it may be appropriate to recognise and account for each component separately for depreciation and inclusion of subsequent expenses. • The component approach is also applied where regular major inspections of an asset are a condition of continuing to use it. The cost of each inspection is treated as a separate item (replacement), provided recognition criteria are satisfied. Any remaining carrying amount in respect of the previous inspection is derecognised.

6 Measurement subsequent to initial recognition • IAS 16 sets out two models for measuring PPE subsequent to its initial recognition as an asset. These are the ‘cost model’ and the ‘revaluation model’

7 Depreciation • Depreciation begins when the asset is available for use and continues until the asset is derecognised – even if idle • The depreciation amount should be allocated systematically over its useful economic life • Depreciation method should reflect the patter in which the economic benefits of the assets are consumed. • Depreciation for accounting period = expense • Depreciation for the period + Accumulated Dep

Depreciation Methods • Straight line • Reducing balance

8 De-recognition • When an asset is removed from the books • Disposal • No further economic benefit • Gain or loss on disposal = Net sale – NBV Recognised in Stmt of P&L

9. Disclosure For each class of property, plant and equipment the following should be disclosed: • Basis for measuring the carrying amount (cost) • Depreciation method used • Useful life or depreciation rate • Reconciliation of the carrying amount at the beginning and end of the period • Additions • Disposals • Revaluation Movement • Depreciation • Any other Movements • Restrictions on title • Expenditures to construct • Commitments to acquire

Disclosure on Revaluation • Additional disclosure requirements for revaluation • Date of revaluation • Independent valuer involved • Methods and assumptions used • Carrying amount under the cost model • The revaluation surplus

10 Impairment • IAS 36 • An asset is impaired when its carrying amount exceeds its recoverable amount

Disposal • Credit Cost A/C • Debit Acc Depreciation A/C • Post Sale Price to Debit Bank A/C • Double entries in Disposals A/C • Balance on Disposal = Profit & Loss

Q • Bank balance 120,000 • Plant & Equip cost 840,000 • AccDep 370,000 • Plant cost 100,000 with a NBV 40,000 sold for 45,000 on 1/12/xx • New plant purchased 180,000 on 1/10/xx • 10% depreciation PA straight line with proportionate charge on year of acquisition and none on year of disposal

Depreciation • 840,000 – 100,000 = 740,000 x 10% = 74,000 • 180,00 x 10% 18,000 pa / 2 = 9,000 83,000

Revaluation • Debit/Credit Cost A/CGiving it current value • Debit AccDep A/C Reducing Dep to zero • Double entry in Revaluation Reserve A/C • Balance = SFP Equity: Revaluation Reserve SCI Profit/Loss on Revaluation

Upward Revaluation • Cost 500,000 • Depreciation 100,000 • Revaluation 700,000 • Dr Cost • Dr Dep • Cr Rev Res

Statement of financial position (extract) Property, plant and equipment 700,000 Equity: Revaluation Surplus 300,000 Statement of Comprehensive Income (extract) Other Incomes Gain on Revaluation 300,000

Downward Revaluation • Buildings cost 500,000 • Depreciation 100,000 • Revaluation 460,000 • Cr Cost • Dr Dep • Dr/Cr Rev Res

Statement of financial position (extract) Property, plant and equipment 460,000 Equity: Revaluation balance60,000 Statement of Comprehensive Income (extract) Other Incomes: Gain on Revaluation 60,000

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Property, plant and equipment (PPE)

Property, plant and equipment (PPE). Updates: From Fixed Assets to Property, Plant and Equipment (PPE), consistence with the wording used in the RMIT statutory account. Current version of PPE policies and procedures can be found via the following link:

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Property, Plant & Equipment

Chapter 11. Property, Plant & Equipment. Prepared by Kent Wilson. Objectives. Understand the nature of property, plant and equipment Understand initial measurement and recognition criteria Alternative measurement subsequent to initial recognition The cost model The revaluation model

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PROPERTY, PLANT & EQUIPMENT [IAS 16]

PROPERTY, PLANT & EQUIPMENT [IAS 16]. LECTURE OBJECTIVES: Cost determination of assets Subsequent expenses Rehabilitation & Decommissioning Accounting for component assets Major components Collective components Revaluation of assets Gross & net replacement methods Implementation dates

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IAS 16 - Property , plant and equipment

IAS 16 - Property , plant and equipment. Executive summary. IFRS permits periodic revaluation of an entire class of fixed assets to fair value. US GAAP does not allow revaluation.

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Property, Plant and Equipment: IAS 16

Property, Plant and Equipment: IAS 16. JOIN KHALID AZIZ. ECONOMICS OF ICMAP, ICAP, MA-ECONOMICS, B.COM. FINANCIAL ACCOUNTING OF ICMAP STAGE 1,3,4 ICAP MODULE B, B.COM, BBA, MBA & PIPFA. COST ACCOUNTING OF ICMAP STAGE 2,3 ICAP MODULE D, BBA, MBA & PIPFA. CONTACT: 0322-3385752

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FIXED ASSETS (PROPERTY, PLANT, AND EQUIPMENT )

FIXED ASSETS (PROPERTY, PLANT, AND EQUIPMENT ). CHARACTERISTICS 1) They are acquired for use in operations and not for resale 2) They are long term in nature and usually subject to depreciation 3) They possess physical substance Examples of fixed assets (property, plant and equipment)

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Property, Plant and Equipment. By Judith Muhoro. Overview of session. 1. Scope of application and key concepts. 2. Recognition. 3. Measurement. 4. Additional learning points. 5. Disclosures. Property, Plant and Equipment. 1. Scope of application and key concepts. P,P&E.

795 views • 44 slides