Asset is the most important resource in business and modern financial accounting today is governed by IFRS. Therefore, it is essential for the accounting people to have a broader understanding of assets classification per IFRS accounting. A summary of the classification of the assets is given below:
• Inventory : Treated under IAS 2
• Property, plant and
equipment (PPE) : Treated under IAS 16
• Intangible assets : Treated under IAS 38
• Investment property : Treated under IAS 40
• Right-of-use (ROU) assets : Treated under IFRS 16
• Deferred tax asset : Treated under IAS 12
• Exploration and evaluation
assets (E & E) : Treated under IFRS 6
• Held for sale non-current
assets (NCA) : Treated under IFRS 5
• Biological assets : Treated under IAS 41
• Financial assets : Treated under IAS 32,
IFRS 7 and IFRS 9
• Stranded assets : IFRS S2, IAS 16 and
IAS 36
