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Tangible Fixed Assets

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ACCOUNTING STANDARDS BOARD

FEBRUARY 1999 FRS 15

FIXED ASSETS

ACCOUNTING
STANDARDS
BOARD

FINANCIAL REPORTING

TA N G I B L E

STANDARD

15

Financial Reporting Standard 15
‘Tangible Fixed Assets’ is issued by the Accounting Standards Board in respect of its application in the United Kingdom and by the Institute of Chartered
Accountants in Ireland in respect of its application in the Republic of Ireland.

FIXED ASSETS

ACCOUNTING
STANDARDS
BOARD

FINANCIAL REPORTING

TA N G I B L E

STANDARD

15

Financial Reporting Standard 15 is set out in paragraphs 1-110.
The Statement of Standard Accounting Practice, which comprises the paragraphs set in bold type, should be read in the context of the Objective as stated in paragraph 1 and the definitions set out in paragraph 2 and also of the Foreword to Accounting Standards and the Statement of Principles for Financial Reporting currently in issue.
The explanatory paragraphs contained in the FRS shall be regarded as part of the Statement of Standard
Accounting Practice insofar as they assist in interpreting that statement.
Appendix IV ‘The development of the FRS’ reviews considerations and arguments that were thought significant by members of the Board in reaching the conclusions on the FRS.

©The Accounting Standards Board Limited 1999
ISBN 1 85712 079 5

ACCOUNTING STANDARDS BOARD FEBRUARY  FRS 

CONTENTS
Paragraphs

SUMMARY
FINANCIAL REPORTING STANDARD 15

Objective
Definitions
Scope
Initial measurement
Cost
Finance costs
Disclosures—finance costs
Recoverable amount
Subsequent expenditure
Valuation
Frequency
Valuation basis
Class of assets
Reporting gains and losses on revaluation
Reporting gains and losses on disposal
Disclosures
Depreciation
Depreciable amount
Review of useful economic life and residual value
Renewals…...

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