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:
Zero-book value items
Replacement versus repairs & maintenance
Understand the the key tax principles related to capital
expenditure and how to classify expenditure incurred relating to fixed
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 session will cover both the theory associated with the above topics as well as practical examples.
Kelly is a qualified Chartered Accountant with over 9 years of experience. She is the IFRS technical project manager for the Deloitte School of Tax. She has over 6 years of experience in assisting clients with IFRS implementation, technical accounting training and corporate reporting, focussing on financial services industry and Financial Instruments Accounting Advisory.
Rusel is a qualified Chartered Accountant with over 13 years of experience. She has extensive experience in assisting with practical IFRS implementation with an emphasis on providing comprehensive accounting services to clients. She has assisted numerous clients across various industries with new IFRS standards implementation, technical training and IFRS Financial Statement reviews.
Petra is a qualified Chartered Accountant and has a Master’s degree in South African and International Tax. Petra is a Senior Manager and joined the Deloitte School of Tax team in 2014. She regularly coordinates and presents tax technical training to Deloitte clients and Deloitte tax staff, with Value-Added Tax being her main focus. She has also developed various tax and accounting online courses.
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