From Purchase to Retirement – Accounting for PP&E Under U.S. GAAP ON DEMAND

Overview

This course covers the accounting for property, plant, and equipment in accordance with U.S. GAAP. We’ll focus on key areas such as depreciation, impairment of long-lived assets, and the classification of assets as held for sale, as well as capitalized interest. The course also reviews recognition and measurement considerations, along with the practical application of key concepts under U.S. GAAP.

Highlights

Scope of ASC 360. Capitalization of interest. Depreciation. Repairs or maintenance vs. capital improvements. Impairment testing - assets held and used. Held for sale assets. Held for sale criteria. Asset abandonment. Sales of PP&E.

Prerequisites

None.

Designed For

CPAs, CEOs, CFOs, controllers, and other financial managers.

Objectives

Identify the types of costs that should be capitalized as property, plant, and equipment. Identify assets that qualify for interest capitalization. Determine the amount of interest cost eligible for capitalization. Recognize the appropriate methods for depreciating long-lived assets. Identify impacts and requirements from changing depreciation methods. Determine when a long-lived asset is impaired under ASC 360. Recognize the steps involved in testing a long-lived asset for impairment. List the criteria to be met for an asset to be classified as held for sale. Differentiate between the accounting treatment for held-and-used assets and held-for-sale assets. Recognize criteria to be evaluated with respect to sales of PP&E. Identify important disclosure requirements required by ASC 360.

Preparation

None.

Notice

None.