Property, Plant And Equipment Essay Example for Free

Property, Plant And Equipment Essay Items of property, plant, and equipment should be recognised as assets when it is probable that: [IAS 16.7] it is probable that the future economic benefits associated with the asset will flow to the entity, and the cost of the asset can be measured reliably. This recognition principle is applied to all property, plant, and equipment costs at the time they are incurred. These costs include costs incurred initially to acquire or construct an item of property, plant and equipment and costs incurred subsequently to add to, replace part of, or service it. IAS 16 does not prescribe the unit of measure for recognition – what constitutes an item of property, plant, and equipment. [IAS 16.9] Note, however, that if the cost model is used (see below) each part of an item of property, plant, and equipment with a cost that is significant in relation to the total cost of the item must be depreciated separately. [IAS 16.43] IAS 16 recognises that parts of some items of property, plant, and equipment may require replacement at regular intervals. The carrying amount of an item of property, plant, and equipment will include the cost of replacing the  part of such an item when that cost is incurred if the recognition criteria (future benefits and measurement reliability) are met. The carrying amount of those parts that are replaced is derecognised in accordance with the derecognition provisions of IAS 16.67-72. [IAS 16.13] Also, continued operation of an item of property, plant, and equipment (for example, an aircraft) may require regular major inspections for faults regardless of whether parts of the item are replaced. When each major inspection is performed, its cost is recognised in the carrying amount of the item of property, plant, and equipment as a replacement if the recognition criteria are satisfied. If necessary, the estimated cost of a future similar inspection may be used as an indication of what the cost of the existing inspection component was when the item was acquired or constructed. [IAS 16.14] Initial Measurement An item of property, plant and equipment should initially be recorded at cost. [IAS 16.15] Cost includes all costs necessary to bring the asset to working condition for its intended use. This would include not only its original purchase price but also costs of site preparation, delivery and handling, installation, related professional fees for architects and engineers, and the estimated cost of dismantling and removing the asset and restoring the site (see IAS 37, Provisions, Contingent Liabilities and Contingent Assets). [IAS 16.16-17] If payment for an item of property, plant, and equipment is deferred, interest at a market rate must be recognised or imputed. [IAS 16.23] If an asset is acquired in exchange for another asset (whether similar or dissimilar in nature), the cost will be measured at the fair value unless (a) the exchange transaction lacks commercial substance or (b) the fair value of neither the asset received nor the asset given up is reliably measurable. If the acquired item is not measured at fair value, its cost is measured at the carrying amount of the asset given up. [IAS 16.24] Measurement Subsequent to Initial Recognition IAS 16 permits two accounting models: Cost Model. The asset is carried at cost less accumulated depreciation and impairment. [IAS 16.30] Revaluation Model. The asset is carried at a revalued amount, being its fair value at the date of revaluation less  subsequent depreciation and impairment, provided that fair value can be measured reliably. [IAS 16.31] The Revaluation Model Under the revaluation model, revaluations should be carried out regularly, so that the carrying amount of an asset does not differ materially from its fair value at the balance sheet date. [IAS 16.31] If an item is revalued, the entire class of assets to which that asset belongs should be revalued. [IAS 16.36] Revalued assets are depreciated in the same way as under the cost model (see below). If a revaluation results in an increase in value, it should be credited to other comprehensive income and accumulated in equity under the heading revaluation surplus unless it represents the reversal of a revaluation decrease of the same asset previously recognised as an expense, in which case it should be recognised as income. [IAS 16.39] A decrease arising as a result of a revaluation should be recognised as an expense to the extent that it exceeds any amount previously credited to the revaluation surplus relating to the same asset. [IAS 16.40] When a revalued asset is disposed of, any revaluation surplus may be transferred directly to retained earnings, or it may be left in equity under the heading revaluation surplus. The transfer to retained earnings should not be made through the income statement (that is, no recycling through profit or loss). [IAS 16.41] Depreciation (Cost and Revaluation Models) For all depreciable assets: The depreciable amount (cost less residual value) should be allocated on a systematic basis over the assets useful life [IAS 16.50]. The residual value and the useful life of an asset should be reviewed at least at each financial year-end and, if expectations differ from previous estimates, any change is accounted for prospectively as a change in estimate under IAS 8. [IAS 16.51] The depreciation method used should reflect the pattern in which the assets economic benefits are consumed by the entity [IAS 16.60]; The depreciation method should be reviewed at least annually and, if the pattern of consumption of benefits has changed, the depreciation method should be changed prospectively as a change in estimate under IAS 8. [IAS 16.61] Depreciation should be charged to the income statement, unless it is included in the carrying amount of another asset [IAS 16.48]. Depreciation  begins when the asset is available for use and continues until the asset is derecognised, even if it is idle. [IAS 16.55] Recoverability of the Carrying Amount IAS 36 requires impairment testing and, if necessary, recognition for property, plant, and equipment. An item of property, plant, or equipment shall not be carried at more than recoverable amount. Recoverable amount is the higher of an assets fair value less costs to sell and its value in use. Any claim for compensation from third parties for impairment is included in profit or loss when the claim becomes receivable. [IAS 16.65] Derecogniton (Retirements and Disposals) An asset should be removed from the balance sheet on disposal or when it is withdrawn from use and no future economic benefits are expected from its disposal. The gain or loss on disposal is the difference between the proceeds and the carrying amount and should be recognised in the income statement. [IAS 16.67-71] If an entity rents some assets and then ceases to rent them, the assets should be transferred to inventories at their carrying amounts as they become held for sale in the ordinary course of business. [IAS 16.68A] Disclosure For each class of property, plant, and equipment, disclose: [IAS 16.73] basis for measuring carrying amount   depreciation method(s) used useful lives or depreciation rates gross carrying amount and accumulated depreciation and impairment losses reconciliation of the carrying amount at the beginning and the end of the period, showing: additions disposals acquisitions through business combinations revaluation increases or decreases impairment losses reversals of impairment losses depreciation net foreign exchange differences on translation other movements Also disclose: [IAS 16.74] restrictions on title expenditures to construct property, plant, and equipment during the period contractual commitments to acquire property, plant, and equipment compensation from third parties for items of property, plant, and equipment that were impaired, lost or given up that is included in profit or loss If property, plant, and equipment is stated at revalued amounts, certain additional disclosures are required: [IAS 16.77] the effective date of the revaluation whether an independent valuer was involved the methods and significant assumptions used in estimating fair values the extent to which fair values were determined directly by reference to observable prices in an active market or recent market transactions on arms length terms or were estimated using other valuation techniques for each revalued class of property, the carrying amount that would have been recognised had the assets been carried under the cost model the revaluation surplus, including changes during the period and any restrictions on the distribution of the balance to shareholders

A Brief History of Tahiti Essay -- World History Essays

Like much of the colonial world, Tahiti and its surrounding islands were subject to the intense brutality and domination of European imperialism. The native people were manipulated, their culture was eradicated, and their freedom was greatly limited as both the French and the British struggled for control over the Polynesian’s 65 inhabitable islands. What makes Tahiti distinctive from the colonial world, though, is the lack of violence commonly associated with independence movements. Instead, Tahiti’s progression from a colony to a territory of limited independence has been, for the most part, rather peaceful due to the area’s unique history and geography. The area known as French Polynesia is spread out across 2,000,000 miles of the South Pacific Ocean. Though, this number in many cases is deceiving due to the fact that only about 6,500 of those miles are land. Tahiti is the largest of the Polynesian’s 118 islands, containing a land mass greater than 1,667 square miles. It is also the area’s most populous region, consisting of nearly 150,000 citizens. The first Europeans arrived in Tahiti in 1767. A year later, the island was claimed for France by explorer Louis Antoine de Bougainville. The French, though, were slow to exert their control over the region and, in their absence, other colonial powers, most notably the British, were able to establish dominance. In 1797, the members of the London Missionary Society arrived on the island. Over the next twenty years, these missionaries developed close ties with the Pomares, Tahiti’s most powerful ruling family. Through domination and manipulation, the British missionaries used the Pomares’ influence to eradicate many of the native traditions,... .../historydates.asp> Tahiti. 1995-2002. 12 Nov. 2002. â€Å"Tahiti and French Polynesia: A look at the history and culture of French Polynesia† Tahiti Explorer. 1994-2002. 12 Nov. 2002. â€Å"Tahiti and Its Islands: The History† Tahiti Explorer. 1994-2002. 12 Nov. 2002. Links This link brings its reader to a timeline of dates regarding the history of Tahiti and Polynesia. This link brings its reader to a website designed for tourists. It contains various information about Tahiti. This link brings its reader to a basic website containing historical facts and tourism information regarding Tahiti.

Comparing Kundera and Khaled

Comparing and Contrasting Works by Kundera and Khaled Hosseini The unbearable lightness of being was published in Paris in 1984 by Czech author Milan Kundera. The novel is a mix of genre-defying mix of historical fiction, love stories, philosophy, and experimentation with narrative technique. Set mostly in Prague in the late 1960s, the novel focuses on the love lives of four Czech intellectuals as they struggle with relationships, sex, politics, and the military occupation of their country.The narrator frequently interrupts the story to analyze his own characters and discuss the fictional plotline in the context of the novel’s central philosophy: the dichotomy between lightness and weight. On the contrary of The Kite Runner, the book was published in New York in 2003 by Afghanistan author Khaled Hosseini. The novel is a work of post- modern literature telling the story of how the author grew up and the relationship he had with one of his servant boys. However the similarity he re is the Kite Runner is also written about a time of war for its country while telling the story of the two boys.The author Kundera is unique narrative by presenting himself in the third person, suggesting that he is a character in the story. But he soon confesses to be the author, not the spectator of the fictional tales. He actually proceeds to comment on the characters his own fictional creations and analyze his own novel for us. What he trying to do which we cannot do in real life is disrupts the linearity of time by telling a non-chronological narrative. He achieves this by repeating the same scenes a second or third time. The novel explores the human struggle to give our lives weight despite its necessary and unbearable lightness.The novel itself is the narrator’s attempt at doing just that for himself. Contrary to Khaled is writing is Classical and he speaks as the author telling a story. He also allows the character themselves to define who they are. He does not disr upt the time of telling a chronological narrative. He allows the characters to feel the actually weight of their lives like real life. There is a quote in Kundera book â€Å"novelistic† to you, and I am willing to agree, but only on condition that you refrain from reading such notions as â€Å"fictive,† â€Å"fabricated,† and â€Å"untrue to life† into the word â€Å"novelistic. Because human lives are composed in precisely such a fashion. † (Kundera, The Unbearable Lightness Of Being) both authors are similar in that even though Kundera uses fictional characters and Khaled using real characters. Kundera is saying it is his way of using fictional novel and fictional characters to explore real ideas. Just because my characters are fake, he seems to be saying, doesn’t mean that they aren’t a completely accurate reflection of real life. His novel may be intricately structure and full of artistry but so is life. The novels are different w hen it comes to the plot.Khaled, follows a typical plotline. Khaled uses his characters to serves as the climax as a whole in the story. The events are placed in chronological order. Kundera, on the other hand no typical plotline, the novel features several different, interwoven, plotlines. If you identify a climactic situation for one character in one plotline, it doesn’t necessarily serve as a climax for the plot as a whole. The reason the same events are narrated more than once from different characters’ points of view. You can’t break this story into purely plot-driven stages.The bowler hat was a motif in the musical composition that was Sabina’s life. It return again and again, each time with a different meaning, and all the meanings flowed through the hat like water. â€Å"You can’t step twice into the same river† (Kundera, Milan) Sabina was touched by the sight of the bowler hat in a Zurich hotel and made love almost in tears was that its black presence was not merely a reminder of their love games but also a memento of Sabina’s father and of her grandfather, who lived in a century without airplanes and cars.The bowler hat carries weight primarily because it has recurred. This is exactly why motifs give meaning to an individual’s life because they recur over and over again. This is how we are able to give our lives meaning despite the fact that our life occurs only once. The kite was a motif in Amir’s life. It returns season after season and each time with different meaning. All the meanings flowed like the quote mention above. Amir’s longed for the kite runner contest because it was a chance for him to bond and make his father proud of him. The kite recurs over and over every year.This kite running gave him the chance to make his father finally proud of him when he won the contest that last year before war and things change between him and Hassan. Many years later the kite comes back to help him to reach his nephew. This like Sabina gave his life meaning despite the fact he lives only once. Both books show betrayal from one character to the other. In the Kite Runner Amir betrays Hassan on more than one occasion we see it when he was raped by Assef and the other boys. We see it when he places the money and some gifts under his pillow and tries to convince his father that he stole the items.Tomas betrays Tereza by making all his sexual life to so many women, he makes he and Tereza’s private life public. He violates her privacy. Tereza reads Tomas’s letters. Sabina betrays Tomas when she takes his sock and hides it so he will go home with one sock short. This made Tomas realize Sabina resents his love for Tereza as much as Tereza resents his lust for Sabina. In the book by Khaled there is a quote â€Å"For you a thousand times over† (Hosseini) Hassan used this quote to show his devotion to Amir and that there was nothing he would not do for hi s friend and master, yet unknowingly to him also his brother.His thousand times over was shown when he went after the kite for Amir and it cost him being raped and shamed. At the end of the story you have Amir using the same quote as he and Hassan’s son Sohrab are flying the kite and he noticed a slight nod and smile come across his face. He knew there was no great big change but like spring when it comes it melts the snow one flake at a time; he thought he might have just witnessed the first flake melting.Just like Hassan Tereza would show Tomas â€Å"For you a thousand times over† (Kundera) her devotion and love for him. Even though he cheated on her many times over she stayed with him. She believed he was her soul mate that was why she went to Prague to offer up her life to Tomas. Tomas himself was faithful to Tereza in that he would not let anyone possess a special area which he might call poetic memory and which records everything that charms or touches us, that m akes our lives beautiful.Since meeting Tereza he did not allow a woman to leave the slightest impression on that part of his brain. Hosseini, Khaled. â€Å"The Kite Runner. † Hosseini, Khaled. The Kite Runner. New York: Penguin Group, 2003. 371. Novel. Kundera, Milan. â€Å"The Unbearable Lightness Of Being. † Kundera, Milan. The Unbearable Lightness Of Being. New York: harperCollins, 1984. 88. Novel. Kundera, Milan. â€Å"The Unbearable Lightness Of Being. † Kundera, Milan. The Unbearable Lightness Of Being. New York: Harper & Row, 1984. 59. Novel.

New York City Blackout and mayoral Election of 1977 Free Essay Example, 1250 words

Considering the large number of contestants and the intense campaigns, rivalry was high up in the air. The blackout therefore, provided a conducive environment for the supporters of the different candidates to flex their muscles against each other, enhancing the already poor city condition. These show the negative effects that the blackout contributed to the city. The occurrences in the New York City made the economic situation worse and a financial crisis was imminent (Curvin and Porter 65). To a majority of the contestants, the incumbent Mr. Abraham D. Beame’s leadership over the past term had contributed towards the failing economic situations in the city, and therefore, to them, the election was more of a referendum against the incumbent’s leadership other than an election to choose the next mayor. For the incumbent, it was a time to put "One foot on the wire – his better foot, the balancing foot. † (Colum). The main aspect was what would make the situation better for the residents of New York City. However, the situation for the incumbent was a struggle to fend his stiff competition to enable him makes history as the first mayor in office to lose an election for over half a century just after a single term. We will write a custom essay sample on New York City Blackout and mayoral Election of 1977 or any topic specifically for you Only $17.96 $11.86/pageorder now With an already bad situation, the incumbents continued stay in office would have effects that are more negative. With the occurrence of the blackout, many argued that Beame’s as a leader had lost control of proving lights on the streets, and even when the unfortunate had occurred, Beame still failed to call on Governor Carey to provide the necessary security required for a city such as New York (Curvin and Porter 143). Despite the cause of the black having been lightning strike, the contestants were indeed â€Å"on fire† (Colum), in their quest for the seat. What is the significance of the blackout and the New York Mayoral elections? The unfortunate situations in New York City had actually started long before the election that only came to make the already bad situation worse. Prior to the elections, the â€Å"Son of Sam† murders had been within the city from the previous year. The main victims were young who were actually a majority of the voters in the forthcoming elections and therefore, such a situation would have a significant effect on the election, considering that the young made a significant percentage of the voters (McNickle 206). One aspect of surprise because of the occurrences was that despite the unfortunate events that the city was facing, voters were never affected from supporting their liberal candidates.