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Financial Reporting Valuations

Companies complying with International Financial Reporting Standards are required to report their financial position in a transparent manner so that property, plant and equipment are consistently stated at fair value. Supportable and cost effective fixed asset valuation information enables your accountants to accurately and efficiently prepare your financial statements in compliance with IAS 16 and AASB 116 Property, Plant and Equipment and AASB136 impairment of assets.

IAS16 and AASB116 Property, Plant and Equipment:  Measurement of fixed assets at Fair Value

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 assets and the determination of their carrying amounts in accordance with fair value guidelines.

AASB136 Impairment of Assets

AASB 136 requires an entity to make a realistic assessment of the future economic environment and its ability to recover its investments in tangible and intangible assets at each period end date. The spirit of the standard is to ensure that assets are not carried in the balance sheet at an amount above what the entity expects to recover from the assets future use.