Author(s): Ayogeboh Epizitone
The global employment of International Standards associated to accounting and reporting was grounded from the initiation of the first draft from 1980. Progressively, global acceptance has been realized over the last decades. In the wake of 4th industrial revolution, the lack of assessment on the current accounting standards in the present settings of globalization of the world economy is perilous. Hence the exploration of the current accounting system standards is essential to improvement their implementation. That subsequently enhance the competitiveness of organizations within the international markets. Through a comprehensive review literature this paper seeks to investigate and present current international critique on the international accounting standards 16 (IAS 16). And its influence on an entity financial reporting whilst presenting the author’s opinion exclusively on the subject. Employing both literature and practical evidence. This paper expatiates on the knowledge of IAS16 in order to enable the researcher and practitioners gain more depth about Property Plant Equipment (PPE) treatment especially on how they are being assessed and the various implications where stakeholders are entitled to know and to understand the responsiveness of IAS16 PPE treatment. Moreover, provide useful information to the accounting body on the relationship between PPE treatment and the financial reporting of organizations. The findings also aid regulators and governance bodies in dealing with specific concerns regarding the restructuring of several rules, laws and regulations. Furthermore, finding enable stakeholders to be able to know the significant IAS16 to them and the organization at large. Which involves knowing the important role IAS16 play in the development of the financial statements. Also, suggesting possible resolutions which can be taken into consideration to enable organizations to effective report financial information on PPE.