What is reported as property, plant and equipment?

Answer 1

Property plant and Equipment (PPE) as defined by IAS 16 are tangible Assets that:

(i)are held for use in the production or supply of goods or services for rental to others, or for administrative purposes

(ii) and are expected to be used for more than one accounting period.

for an Item to qualify as PPE, the following conditions must be met:

a) it is probable that future economic benefits associated with the item will flow to the firm

b) the cost of the item can be measured reliably

Answer 2

Property, plant and equipments are also called fixed assets. They are assets intended to be used in generating income for the business for more than one accounting period.