October 2014
Intermediate to advanced
1512 pages
57h 40m
English
book
Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
by Joanne M. Flood
Content preview from Wiley GAAP 2015: Interpretation and Application of Generally Accepted Accounting Principles 2015
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Chapter 25ASC 360 PROPERTY, PLANT, AND EQUIPMENT
Summary and Comparison of Accounting and Impairment Rules
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:
- General, which provides guidance on accounting and reporting on property, plant, and equipment, including accumulated depreciation
- Impairment or disposal of long-lived assets, which contains guidance for
- Recognizing impairment of long-lived assets to be held and used and
- 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, ...
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