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. 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 … Policies for recording cost, capitalization, assigning useful lives, and depreciation are summarized below. They include land, buildings, machinery, furniture, and tools. 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. Refer to ASC 360 and IAS 16 and 40 for all of the specific requirements applicable to . 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 This Exposure Draft of a proposed Accounting Standards Update of Topic 360 is issued by the Board for public comment. Written comments should be addressed to: Technical Director 3 AUDIT | FEBRUARY 2020 accounting for property, plant and equipment and investment property. 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: Updates to ASC 853, Service Concession Arrangements, clarify the right to use the infrastructure in a service concession arrangement is not in ASC … Property, plant, and equipment are tangible property used in a productive capacity that will benefit the reporting entity for a period exceeding one year. Intangible assets with finite lives are amortized according to their useful lives. Property, Plant, and Equipment should be reported at historical cost in accordance with FASB Concepts Statement No. 5, […] Property, Plant, and Equipment (Topic 360) Derecognition of in Substance Real Estate— a Scope Clarification . In addition, refer to our U.S. GAAP vs. IFRS comparisons series for more comparisons highlighting other significant differences between U.S. However, all initial or ... the criteria to be reported as a discontinued operation is within the scope of ASC 360 … for further details on measurement of disposal groups classified as held for sale). The Property, plant, equipment and other assets guide discusses the accounting for acquisition transactions determined to be asset acquisitions under US GAAP. After initial measurement, the accounting for acquired long-lived intangible assets depends on the assigned useful lives. ASC 360‐10 provides guidance on accounting and reporting on property, plant, and equipment, including accumulated depreciation. a consensus of the FASB Emerging Issues Task Force. Leases of assets under construction (covered by ASC 360, Property, Plant and Equipment) Consequential amendments address interaction with other guidance. 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