Impact of IPSAS 17 Implementation 1. IPSAS 17 PP&E - as adopted by the Maltese Government 5 B. IPSAS No. Objective of IPSAS 17 –To prescribe the accounting treatment for PPE so that users of FS can discern information about an entity’s investment in its PPE and any changes in such investments. Initial Costs 22. Items of property, plant and equipment may be required for safety or Until recently, the standard (i.e IPSAS . 2.0 IPSAS 17- Property, Plant and Equipment The International Public Sector Accounting Standards Board (IPSASB) has publishedIPSAS 17 on Property, Plant and Equipment December 2001. Ex a mp l e sof i n r tucss de d wk ,y water and power supply systems, and communication networks. The following documents have been amended: IPSAS 1, IPSAS 17, IPSAS 28 and IPSAS 31. One of the major differences between the current cash-based accounting system and accruals-based accounting is that in the cash-based system PP&E expenses are expensed when there is a cash outlay. All the paragraphs have equal authority. The final authority on IPSAS 17 Property, Plant and Equipment (PP&E) requirements is IPSAS 17. Semua perenggan mempunyai kuasa yang setara. 1 The final authority on IPSAS 17 Property, Plant and Equipment requirements is IPSAS 17. IPSAS 17 PP&E - as adopted by the Maltese Government 5 B. The IPSAS 17 PPE.doc 04/04/2008 Page 3 of 22 DRAFT: IPSAS 17 PROPERTY, PLANT AND EQUIPMENT ACCOUNTING POLICIES AND PRACTICES February 2007 These accounting policies and recommended practices are subordinate to the Standard. MPSAS 17 -Hartanah, Loji dan Peralatan 3 Piawaian Perakaunan Sektor Awam Malaysia (MPSAS) 17, Hartanah, Loji dan Peralatan, dinyatakan dalam perenggan 109. Such equipment is treated as inventory for supply chain management purposes, however International Public Sector Accounting Standard 17 Property, Plant and Equipment (IPSAS 17) is set out in paragraphs 1-108 and the Appendix. 18: Segmental Reporting MPSAS 17 The objective of IPSAS 17 is to prescribe the accounting treatment for property, plant and equipment so that users of financial statements can discern information about an entity's investment in its property, plant and equipment and any changes in such investment. (2) All of the amendments in the 2015 Improvements to IPSASs are effective for annual periods beginning on or IPSAS 17: Property, Plant and Equipment Objective. IPSAS 17 to this separate page and reflected the decision made on equal authority. Perbandingan dengan IPSAS 17. If a conflict between guidance and the Standard is identified, the requirements of the Standard apply. IPSAS 17 as adopted by the Maltese Government 9 PU B L IC S E C T O R equipment and should be accounted for in accordance with this Standard. Guidance Notes 2 Guidance Notes aim to support organizations as they implementInternational Public Sector Accounting Standard(IPSAS) requirements. 13. 17) has been revised for several times with the latest revision issued in January 2011. It is also consistent with the IASB’s approach.) IPSAS Accrual Accounting Workshop-Jabatan Akauntan Negara 28-29 Aug2012 4 IPSAS 17 Property, Plant, and Equipment provides the fundamental guidance surrounding the classification, recognition, measurement, and disclosure requirements of property, plant, and equipment. 17: Property, Plant and Equipment Objective: To prescribe the principles for initial recognition and subsequent accounting for property, plant and equipment (carrying amount, depreciation and impairment loss) IPSAS No. IPSAS 17 should be read in the One of the major differences between the current cash-based accounting system and accruals-based accounting is that in the cash-based system PP&E expenses are expensed when there is a cash outlay. of a non-current Equipment Asset under IPSAS 17 but is below the established threshold for capitalization. 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