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FRS 102: accounting for plant and equipment – tips and advice

In part nine of our exclusive new UK GAAP series, Helen Lloyd FCA unravels the revised accounting rules around plant and equipment, considering the long term nature of the assets, requirement to be written off against profit over their lives and the need to be reviewed for impairment

Under FRS 102, Section 17 covers property, plant and equipment, equating to FRS 15 Tangible Fixed Assets in old UK GAAP, while in International Financial Reporting Standards (IFRS) this has equivalence to IAS 16 Property, Plant and Equipment. For the purposes of this article, the focus will be on property and plant, with property dealt with in part 10 of the series.

Paragraph 17.2 defines property, plant and equipment as tangible assets that:

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