Accounting principles generally accepted in the United States of America (U.S. GAAP) for long-lived assets are detailed in ASC 360, Property, Plant, and Equipment. The Property, plant, equipment and other assets guide discusses the accounting for acquisition transactions determined to be asset acquisitions under US GAAP. Subsequent measurement If the market is lower than the cost--> inventory is measured at the market--> "Lower of Cost or Market" (LCM) ... ASC Codification Topic 360: Property, Plant, and Equipment: In addition, refer to our U.S. GAAP vs. IFRS comparisons series for more comparisons highlighting other significant differences between U.S. Leases of assets under construction (covered by ASC 360, Property, Plant and Equipment) Consequential amendments address interaction with other guidance. 3 AUDIT | FEBRUARY 2020 accounting for property, plant and equipment and investment property. The guide also discusses the capitalization of costs, such as construction and development costs and software costs, as well as the subsequent accounting for PP&E, including impairments, depreciation and amortization, and asset … a consensus of the FASB Emerging Issues Task Force. February 08, 2017 General Note: The Initial Measurement Section provides guidance on the criteria and amounts used to measure a particular item at the date of initial recognition. They include land, buildings, machinery, furniture, and tools. After initial measurement, the accounting for acquired long-lived intangible assets depends on the assigned useful lives. Intangible assets with finite lives are amortized according to their useful lives. for further details on measurement of disposal groups classified as held for sale). ASC 360‐10 provides guidance on accounting and reporting on property, plant, and equipment, including accumulated depreciation. Policies for recording cost, capitalization, assigning useful lives, and depreciation are summarized below. Initial Public Offerings Leases Noncontrolling Interests Non-GAAP Financial Measures and Metrics ... 1.3 Scope of ASC 360-10 — Impairment or Disposal of Long-Lived Assets 5 ... 3.6 Subsequent Measurement While a Disposal Group Is Classified as Held for Sale 70 Updates to ASC 853, Service Concession Arrangements, clarify the right to use the infrastructure in a service concession arrangement is not in ASC … Refer to ASC 360 and IAS 16 and 40 for all of the specific requirements applicable to . Written comments should be addressed to: Technical Director 5, […] Property, plant and equipment: 360 Depreciation: 360-10-35 Capitalization of interest: 835-20 Nonmonetary transactions: 845 Intangible assets: 350 Goodwill: 350-20 Intangibles Other than Goodwill: 350-30 Measurement of assets Impairment of assets: 360-10-15 Noncurrent assets held for sale: 360 … Property, Plant, and Equipment should be reported at historical cost in accordance with FASB Concepts Statement No. Property, plant, and equipment are tangible property used in a productive capacity that will benefit the reporting entity for a period exceeding one year. This Exposure Draft of a proposed Accounting Standards Update of Topic 360 is issued by the Board for public comment. Property, Plant, and Equipment (Topic 360) Derecognition of in Substance Real Estate— a Scope Clarification . 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