TANGIBLE ASSETS
INVENTORY
STANDARDS RELATED
DEFINITION & CHARACTERISTICS
PROPERTY, PLANT &
PAS 2
 Held for sale in the
ordinary course of business
(Finished Goods);
 In the process of
production for such sale
(Work In Process); or
 In the form of materials or
supplies to be consumed in
the production process or
in the rendering of services
(Raw materials and
manufacturing supplies).
INVESTMENT PROPERTY
EQUIPMENT
PAS 16
 Tangible assets – items of
PPE have physical
substance
 Used in normal operations
– items of PPE are used in
the production or supply of
goods or services, for
rental, or for administrative
purposes
 Long-term in nature –
items of PPE are expected
to be used from more than
a year
Including bearer plants
AGRICULTURE
PAS 40
 Investment property is
“property (land or a
building – or a part of a
building – or both) held (by
the owner or by the lessee
under finance lease) to
earn rentals or for capital
appreciation or both
NON-CURRENT ASSTES HELD
FOR SALE
PAS 41 PFRS 5
 Living animal or plant A non-current asset (or disposal
Biological asset (PAS 41) group) is classified as held for
However, bearer plants are sale or held for distribution to
classified as Property, Plant and owners if its carrying amount
Equipment (PAS 16) will be recovered principally
 Unprocessed harvested through a sale transaction rather
product (Agricultural than through continuing use.
produce )
 Unconditional government
grants related to a
biological asset measured
at its fair value less cost to
sell