Section 12 – Property, Plant and Equipment and Investment Property

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Section 12 – Overview

Section 12 – Analysis Part 1

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Section 12 – Analysis Part 2

Section 12 – Analysis Part 3

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Section Downloads

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Section 12 –Property, Plant and Equipment

Summary

Section 12 deals with the initial recognition, subsequent measurement, depreciation and impairment for property, plant and equipment (PPE) held for use in the production, or supply of goods and services, for rental to others or administrative purposes. All items of PPE are expected to be used during more than one period.

What is new when compared to FRSSE/old GAAP?

Section 12 does not permit assets to be carried at revalued amounts or deemed cost instead all PPE must be carried at actual cost less accumulated depreciation and impairment (i.e. a revaluation policy cannot be applied). This compares with old GAAP/FRSSE and FRS 102 which provided the choice to carry PPE at cost or revalued amount. Where a revaluation policy was adopted under any of these prior GAAP’s, the movement in revalued amount was recognised in the STRGL under old GAAP/FRSSE and then subsequently to the revaluation reserve unless the revaluation was below the original cost in which case it was only recognised in the P&L if considered permanent.

Under Section 12 of FRS 105 investment property must be held at cost less accumulated depreciation and impairment. It cannot be held at market value/fair value. This compares with FRSSE/old GAAP which required investment property to be held at market value on the balance sheet and not depreciated; with movements in the market value of the investment property recognised in the STRGL and then to the revaluation reserve unless a devaluation was permanent in nature in which case it was recognised in the profit and loss.

Under section 12.4, spare parts/stand-by equipment are classified as property plant and equipment when they are expected to be used during more than one period or only used in connection with an item of property plant and equipment. Previously there was no specific reference under FRS 15 (old GAAP)/Section 6 of FRSSE so spare parts were classified as either inventories or property, plant and equipment on an entity by entity basis. This will result in a change where previously such spare parts were classified as inventory under old GAAP/FRSSE, they now need to be classified net of depreciation at the date of transition.

Section 12.5, 12.15 and section 12.16 requires capitalisation of the replacement part and de-recognition of the carrying amount of those parts that are replaced which is in contrast to FRS 15 (old GAAP)/FRSSE. FRS 15/Section 6 of FRSSE made it clear that the cost of replacement is only capitalised if previously separately identified and depreciated, otherwise subsequent expenses are expensed. Under FRS 15/ Section 6 of FRSSE, assets were only identified in separate components depended on whether the useful life of the component was substantially different, from the remainder, the degree of irregularity in the level of expenditures to restate the component or asset in different accounting periods.

What is different when compared to old GAAP/FRSSE?

No specific guidance on the classification of computer software within Section 12, however, in these situations it is usually appropriate to look to IFRS and under IFRS these assets are disclosed as intangible assets, therefore this would seem to be the most appropriate classification. In contrast, FRS 15 (old GAAP)/FRSSE specifically stated that computer software was to be included in tangible fixed assets.

Section 12 has no specific requirement to perform a mandatory impairment review for assets where the remaining useful life exceeds 50 years as was required under FRS 15 (old GAAP)/FRSSE.

There is a requirement to reassess the residual values where indicators are present as per section 12.23 whereas under FRS 15 of old GAAP/FRSSE the residual values were determined at the date of acquisition and there was no need to change these. This could result in previous depreciation being increased if the residual values decrease or no depreciation charged if the carrying amount is below the residual value.

Where an asset is purchased on abnormal credit terms, section 12 requires that the asset be recognised at the cash price with the difference between the amount finally paid and the cash price recognised as an interest expense on a straight line basis over the credit term. There was no specific guidance under FRS 15 of old GAAP or Section 6 of FRSSE.

What is different when compared to previous GAAPs – General?

As Section 12 does not permit a revaluation policy, on transition an adjustment will be required to reclassify this revaluation reserve to P&L reserves.

Section 12 requires very little disclosures when compared to old GAAP/FRSSE/FRS 102 which is in line with the general spirit of FRS 105. See Section 6 for the minimum disclosures that are required.

Other standards impacting property, plant and equipment where differences arise:

Section 24 – Income tax – Section 24 does not permit deferred tax to be recognised regardless of whether timing differences arise. This contrasts with FRS 102 which required deferred tax to be considered/recognised where an asset is held at revalued amounts on the difference between tax cost and revalued amount and where capital allowances are being claimed on the difference between the tax written down value and the carrying amount. Under old GAAP/FRSSE, although there was no requirement to recognise deferred tax on differences between tax costs and revalued amounts (unless there was a binding agreement to sell) there was still a requirement to recognise deferred tax on the difference between TWDV and the carrying amount. This will likely require an adjustment for most entities on transition from FRS 105.

Section 28 – Transition to FRS 105 – Section 28.10 deals with transition exemptions. Section 28.10(c) provides an exemption to allow entities an exemption from Section 12.15 to determine the depreciated cost of each of the major components of an investment property at the date of transition to FRS 105. Where this exemption is applied, a first-time adopter shall apply the rules stated in Section 28.10(c). As stated above given that investment property will have been stated at market value under previous GAAP’s and not depreciated, this exemption will provide a valuable relief for entities transitioning as it will mean that less work will be required to determine the depreciated cost at the date of transition. See Section 28 for further details.

Section 28 – Transition to FRS 105 – Where in the past an entity has not recognised the cost of dismantling, removing and restoring a site to its original condition the entity instead of including the cost on transition at the date the liability arose can elect to show this cost at the date of transition to FRS 105. Given that under old GAAP/FRSSE/FRS 102 this liability should have been accounted for in the first place, it will be unusual for this exemption to be hugely beneficial.

What are the key points?

PPE are tangible assets that:

are held for use in the production or supply of good or services, for rental to others or for administrative purposes; and
are expected to be used during more than one period.
are investment properties/property

PPE must be carried at cost less accumulated depreciation and impairment. It cannot be carried at revalued amount (no revaluation policy permitted);
Investment property must be carried at cost less accumulated depreciation and impairment. Investment property must be depreciated and cannot be carried at fair value/market value;
Significant parts of fixed assets and parts within a fixed asset that require replacement at regular intervals must be depreciated separately over their useful life and disposed of from the fixed asset register when replaced;
Replacement should be capitalised where they provide incremental benefits and the previous amount included in PPE should then be derecognised.
Land is not depreciated. Where land and buildings are acquired together, the land element must be separated from the building element;
Depreciation method and residual value utilised to be reviewed only when there are indicators of change;
Depreciation methods that can be used are: the straight line, the sum of the digits, the reducing balancing method or a method based on usage. The one which reflects the usage of the economic benefits should be used;
Depreciable amount is the cost less the estimated residual value;
Spare parts and service equipment which are used in more than one period or for PPE should be capitalised as fixed assets;
Where a requirement to dismantle, remove and restore a site to its original condition the present value cost should be included in PPE and depreciated up to the date on which the liability crystallises;
Borrowing costs cannot be capitalised within property, plant and equipment;
A change in residual value, useful life or depreciation method is a change in estimate and should be adjusted prospectively with the effect of the change given on the current and future period.

What do accountants need to do?

Get to grips with the new accounting standard and review PPE on hand at the date of transition.

Review their client portfolio to assess the companies impacted by the changes (e.g. manufacturing companies, companies that hold investment property etc.) and discuss with their clients to determine the impact on a case by case basis on the new requirements with regard to spare parts, capitalisation, cost choice only and the requirement to hold investment property at cost.

Advise clients of the inability to carry assets at fair value/revalued amounts under FRS 105 and determine the impact on the balance sheet for entities that previously applied a revaluation policy.

Advise clients of the requirement to carry investment property at cost less accumulated depreciation and impairment and the impact this will have on the balance sheet and profits going forward and profit and loss reserves on transition due to additional depreciation being recognised in the profit and loss account if applicable.

Advise clients of the need to review residual values and useful lives if impairment indicators exist.

Advise clients of the requirement to derecognise all deferred tax held on the balance sheet at the date of transition and since transition due to FRS 105 not permitting deferred tax to be recognised.

Quantify the effect on distributable profits as a result of the transition adjustments required to adopt this standard if applicable e.g. restatement of investment property to cost less accumulated depreciation and impairment at the date of transition and subsequently. Advise clients who are considering paying a dividend that before any dividend is paid or declared in the year in which the first set of financial statements are prepared under FRS 105 and subsequently; that they must look at the distributable reserves under the new GAAP as opposed to the reserves under previous GAAP when determining whether the dividend is permitted (e.g. assume 31 December 2016 is the first year FRS 105 financial statements are being prepared, then when considering whether there is distributable reserves to permit a dividend, the entity should review the results and reserves under FRS 105 as opposed to previous GAAP).

What do companies need to do?

Understand the differences between previous GAAP and section 12 of FRS 105.

Consider whether covenants on loans will be affected as a result of the new requirements e.g. spare parts moving from inventory to property, plant and equipment; investment property being held at cost less accumulated depreciation and impairment, restatement to cost from a revalued amount etc.

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Section 9 – Overview

Section 9 – Analysis Part 1

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Section 12 – Property, Plant and Equipment and Investment Property

Section 12 – Overview

Section 12 – Analysis Part 1

Section 12 – Analysis Part 2

Section 12 – Analysis Part 3

Section Downloads

Section 12 –Property, Plant and Equipment

Summary

What is new when compared to FRSSE/old GAAP?

What is different when compared to old GAAP/FRSSE?

What is different when compared to previous GAAPs – General?

Other standards impacting property, plant and equipment where differences arise:

What are the key points?

What do accountants need to do?

What do companies need to do?

Section 9 – Overview

Section 9 – Analysis Part 1

Section 9 – Analysis Part 2

Section 9 – Analysis Part 3