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Final stage

On 17 May 2012, the International Accounting Standards Board issued Annual Improvements 2009–2011 Cycle. The amendments have an effective date of 1 January 2013, but earlier adoption is permitted.


The IASB responded to a request to address a perceived inconsistency in the classification requirements for servicing equipment.

The IASB decided to clarify that items such as spare parts, stand-by equipment and servicing equipment shall be recognised as property, plant and equipment when they meet the definition of property, plant and equipment. If they do not meet this definition they are classified as inventory.