PERSPECTIVE AND ISSUES
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, ...