Assignment Task

Section A:

Property, plant and equipment:

The property, plant and equipment is recognized as per AASB 116. The accounting standard helps to recognize the carrying amount of property, plant and equipment on which depreciation and accumulated losses will be computed. The criteria of recognition of property, plant and equipment are as follows:

• Future economic benefits are associated with the organization and same will flow to the entity in foreseeable future.
• The assets cost must be measured reliably.

Bega Cheese Limited:

The company recognized and recorded the Property, Plant and Equipment as per the prescribed accounting standard. The total property, plant and equipment at the end of the financial year 2020 is $454,724,000 and the same in 2019 was $443,331. The accumulated depreciation is computed on the basis of the carrying value of the assets.

JB Hi Fi Limited:

The property, plant and equipment in case of the company is also considering the carrying value of the assets less accumulated depreciation and impairment of losses of the assets. The net book amount or value of the plant, property and equipment is $111.80 million at the end of the financial year 2020. The same is 2019 was $132.30 million.

Leases and Liabilities:

The lease and liabilities are recognized as per AASB 16. It is important to recognize the right-of-use assets and lease liability at the commencement date of lease. The cost of the right-of-use of assets shall comprises of initial measurement of lease liability, lease incentives received and initial direct cost incurred by lease. The lease liability shall measure at the present value of all the lease rentals. The discounting rate should be the interest rate to compute the present value of lease rental and amount of total lease liabilities as per paragraph 26 of AASB 16.

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