Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015

Chapter 25ASC 360 PROPERTY, PLANT, AND EQUIPMENT

PERSPECTIVE AND ISSUES

   Subtopic

   Scope and Scope Exceptions

   Overview

   Summary and Comparison of Accounting and Impairment Rules

DEFINITIONS OF TERMS

CONCEPTS, RULES, AND EXAMPLES

   Property, Plant, and Equipment

   Split between General and Specialized Impairment Standards

   Real Estate Sales Other than Retail Land Sales

   Methods of Accounting for Real Estate Sales other than Retail Land Sales

   Other Guidance to Accounting for Real Estate Sales Transactions

PERSPECTIVE AND ISSUES

Subtopic

ASC 360, Property, Plant, and Equipment, consists of two subtopics:

• ASC 360-10, Overall, which is further divided into two subsections:
  1. General, which provides guidance on accounting and reporting on property, plant, and equipment, including accumulated depreciation
  2. Impairment or disposal of long-lived assets, which contains guidance for
     1. Recognizing impairment of long-lived assets to be held and used and
     2. Long-lived assets to be disposed of by sale
• ASC 360-20, Real Estate Sales, which provides guidance on the sale of real estate other than retail land.

Scope and Scope Exceptions

ASC 360-10. The guidance in ASC the 360-10 general subsection applies to all entities. The guidance in the ASC 360-10 impairment or disposal subsections applies to

• Capital leases of lessees,
• Long-lived assets of lessors subject to operating leases,
• Proved oil and gas properties accounted for using the successful-efforts method of accounting, ...