FAC 3702 SUMMARY

Each part of PPE-item with a cost that is significant in relation to total cost of the item must be depreciated separately. Entity allocates amount initially recognised in respect of a PPE-item to its significant parts and depreciates separately each part Significant part of PPE-item with same useful life and depreciation methods may be grouped together in order to determine depreciation Depreciation of an asset begins when it is available for use as intended by management. Depreciation c...