Accounting Standards
IAS 16 and Property, Plant and Equipment Explained: When a £40,000 Roof Replacement Is a New Asset, Not a Repair
A £40,000 roof replacement can look like a simple repair bill, but IAS 16 often says otherwise. This article walks through component accounting, derecognition, and the worked journal entries SME owners need to get property, plant and equipment right — plus why the UK tax treatment can differ entirely from the accounting one.