Issued in August 2001, Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 360, Property, Plant, and Equipment (“ASC 360”) addresses financial accounting and reporting for the impairment of long-lived assets and for long-lived assets to be disposed of. Study on the go. spare parts to be used within one year, ASC 360 “Property, Plant, and Equipment” is irrelevant since it deals with long-lived assets with a useful life of more than one year. The term authoritative includes all level AD GAAP that has been issued by a standard setter. Financial Accounting Standards Board Page 1 of 71 October 03, 2013 360 Property, Plant, and … Impairment testing is required whether in the case of a “triggering event”, as defined in ASC 350 – Intangibles – Goodwill and Other, and in ASC 360 – Plant, Property and Equipment. Other Related Materials. Property, plant, and equipment are physical or tangible assets that are long-term assets that typically have a life of more than one year. Investments in equity securities and available-for-sale securities under ASC 321-10 and ASC 326-10, respectively. the criteria to be reported as a discontinued operation is within the scope of ASC 360-10, Property, Plant, and Equipment — Overall. Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. Download the iOS; Download the Android app. ASC 210-10-45 provides guidance on the balance sheet presentation. View more. Property, Plant, and Equipment (Topic 360) a ® An Amendment of the FASB Accounting Standards Codification No. Therefore, we are fairly certain that the spare parts should be treated as inventory. ASC 360-10 provides guidance on accounting and reporting on property, plant, and equipment, including accumulated depreciation. FRS 124, Related Party Disclosures: zThe scope restriction to public listed companies and their subsidiaries has been removed and FRS 124 now applies to all entities (except exempt entities - see SOP 1), including state controlled enterprises. Accounting Standards Update Financial Accounting Standards Board of the Financial Accounting Foundation 401 MERRITT 7, PO BOX 5116, NORWALK, CONNECTICUT 06856 -5116 . The guidance in ASC 360 addresses the accounting for long-lived nonfinancial assets, differentiating between assets that are “held and used,” assets that are “held for sale,” and assets that an entity has decided to abandon. 2011-10 . [1] 6 pages. Property, plant, and equipment are tangible property used in a productive capacity that will benefit the reporting entity for a period exceeding one year. In particular, the relevant guidance is included in the “Impairment or Disposal of Long-Lived Asset” subsections of ASC 360-10. Property, Plant and Equipment is to be regarded as the surrogate carrying amount of “prepaid lease payments”. Indefinite-lived intangibles under ASC 350-30. FASB Accounting Standards Codification (ASC) Topic 360, “Property, Plant, and Equipment,” provides guidance for the impairment of long-lived assets that are classified as held and used. Written comments should be addressed to: Technical Director File Reference No. 10 Overall 220 Income Statement—Reporting Comprehensive Income 225 Income Statement 235 Notes to Financial Statements 270 Interim Reporting 280 Segment Reporting 323 Investments—Equity Method and Joint Ventures 330 Inventory 350 Intangibles—Goodwill and Other 360 Property, Plant, and Equipment 470 Debt 605 Revenue Recognition 720 Other Expenses 740 Income Taxes 810 … Property, Plant, and Equipment (Topic 360) Derecognition of in Substance Real Estate— a Scope Clarification . ASC 360‐10 provides guidance on accounting and reporting on property, plant, and equipment, including accumulated depreciation. The recorded amount of an asset includes all of the costs necessary to get the asset set up and functioning properly for its intended use, including interest. FASB ASC 360 Property, Plant and Equipment. Examples of property, plant, and equipment … ASC 360‐20, Real Estate Sales , which provides guidance on the sale of real estate other than retail land. 360, Property, Plant, and Equipment, to clarify that the accounting and disclosure guidance for collections in Subtopic 958-360, Not-for-Profit Entities—Property, Plant, and Equipment, applies to business entit ies as well as not-for-profit entities, consistent with what was indicated in Statement 116. Who Is Affected by the Amendments in This Update? ASC 360 prescribes a three-step trigger-based process for long-lived assets. IAS 16 outlines the accounting treatment for most types of property, plant and equipment. 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