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IAS 16

This topic has 3 replies, 2 voices, and was last updated 8 years ago by MikeLittle.

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July 7, 2017 at 1:13 pm #394968
adarsh1997
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Hi Mike!
Could you explain the ideas of overhauls in IAS 16?
Thanks.
July 7, 2017 at 4:01 pm #394976
MikeLittle
Keymaster
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What is it about overhauls that you don’t understand?
Give me the sentence in which the word overhauls is included and I’ll give you the explanation … I need the context and I need to know what it is that you don’t understand
July 7, 2017 at 4:47 pm #394980
adarsh1997
Participant
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overhauls are capitalised as a NCA to the extent that they satisfy the IAS 16 rules for separate components.
-Could you give me an example of overhaul costs which relate to the sentence above.
July 7, 2017 at 6:13 pm #394988
MikeLittle
Keymaster
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The overhaul of an airplane engine that was nearing the projected end of its life.
The overhaul brings it back ‘good as new’ so is treated as a new asset
OK now?
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