The IASB has proposed a narrow‑scope amendments to IAS 16 Property, Plant and Equipment to reduce the diversity in application of the Standard.

The proposed amendments would prohibit deducting sales proceeds from the cost of an item of property, plant and equipment while that asset is being made available for use. Instead, the company would recognise those sales proceeds and related costs in profit or loss.

The Exposure Draft Property, Plant and Equipment—Proceeds before Intended Use (Proposed amendments to IAS 16) is open for comment until 19 October 2017.

For more information, please refer to the IASB website.