• IAS 16, Property, Plant and Equipment

History

• Issued: July 2000
• Effective date: 15 July 2000
• Superseded by and incorporated into IAS 16 (Revised 2003) effective: Annual periods beginning on or after 1 January 2005.

SIC 23 confirms that the cost of a major inspection or overhaul generally should be expensed as incurred. The exception is where the enterprise treats the cost of a major inspection or overhaul as a separate "component" asset for accounting purposes and depreciates that component to reflect the consumption of benefits resulting from the major inspection or overhaul.