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: After initial measurement, the accounting for acquired long-lived intangible assets depends on the assigned useful lives. Leases of assets under construction (covered by ASC 360, Property, Plant and Equipment) Consequential amendments address interaction with other guidance. Updates to ASC 853, Service Concession Arrangements, clarify the right to use the infrastructure in a service concession arrangement is not in ASC … Policies for recording cost, capitalization, assigning useful lives, and depreciation are summarized below. Property, Plant, and Equipment should be reported at historical cost in accordance with FASB Concepts Statement No. 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 … They include land, buildings, machinery, furniture, and tools. 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. Refer to ASC 360 and IAS 16 and 40 for all of the specific requirements applicable to . 3 AUDIT | FEBRUARY 2020 accounting for property, plant and equipment and investment property. 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 Intangible assets with finite lives are amortized according to their useful lives. 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. 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. a consensus of the FASB Emerging Issues Task Force. 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 … The Property, plant, equipment and other assets guide discusses the accounting for acquisition transactions determined to be asset acquisitions under US GAAP. Property, Plant, and Equipment (Topic 360) Derecognition of in Substance Real Estate— a Scope Clarification . 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