Chapter 6. Long-Lived Assets

Definitions of Terms

137

Concepts and Examples

138

 

Fixed Assets—Purchases

138

 

Fixed Assets—Improvements

141

 

Fixed Assets—Capitalization of Interest

142

 

Fixed Assets—Dispositions

143

 

Fixed Assets—Inbound Donations

144

 

Fixed Assets—Outbound Donations

145

 

Fixed Assets—Construction in Progress

145

 

Fixed Assets—Land

146

 

Fixed Assets—Leasehold Improvements

146

 

Fixed Assets—Depreciation Base

146

 

Fixed Assets—Depreciation

147

 

Fixed Assets—Straight-Line Depreciation

148

 

Fixed Assets—Double-Declining Balance Depreciation

148

 

Fixed Assets—Sum-of-the-Years’ Digits Depreciation

149

 

Fixed Assets—Units of Production Depreciation Method

149

 

Fixed Assets—Asset Impairment

150

 

Intangible Assets

150

 

Research and Development (R&D) Costs

152

Decision Trees

153

Policies

155

 

Fixed Assets

155

 

Intangible Assets

156

 

Research and Development Costs

157

Procedures

157

 

Fixed Assets—Calculate Depreciation

157

 

Fixed Assets—Conduct Inventory of Fixed Assets

157

 

Fixed Assets—Enter Fixed Asset Payments

158

 

Fixed Assets—Evaluate Capital Purchase Proposals

158

 

Fixed Assets—Record Gain/Loss on Sale of an Asset

159

 

Fixed Assets—Test Assets for Impairment

159

 

Intangible Assets—Test Assets for Impairment

160

Controls

160

 

Fixed Assets

160

 

Intangible Assets

162

 

Research and Development Costs

163

Forms and Reports

163

 

Fixed Assets

163

Footnotes

170

 

Disclosure of Asset Impairments

170

 

Disclosure of Goodwill

171

 

Disclosure of Intangibles

171

Journal Entries

171

 

Fixed Assets

171

  

Depreciation

171

  

Fixed asset (capitalization of interest)

172

  

Fixed asset ...

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