ASC 360 Property, Plant, and Equipment

E453781

Accounting Standards Codification Topic U.S. GAAP accounting standard

ASC 360 Property, Plant, and Equipment is a U.S. GAAP accounting standard that provides guidance on the recognition, measurement, depreciation, and impairment of long-lived tangible assets used in operations.

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Statements (53)

Predicate	Object
instanceOf	Accounting Standards Codification Topic ⓘ U.S. GAAP accounting standard ⓘ
allows	Various systematic and rational depreciation methods ⓘ
appliesTo	Long-lived assets held and used ⓘ Long-lived assets to be disposed of ⓘ Not-for-profit entities ⓘ Private companies ⓘ Public companies ⓘ U.S. GAAP reporting entities ⓘ
codificationTopicNumber	360 ⓘ
defines	Asset group for impairment testing ⓘ Long-lived asset ⓘ
governs	Accounting for long-lived tangible assets used in operations ⓘ Disposal of long-lived assets ⓘ Long-lived asset impairment ⓘ Property, plant, and equipment ⓘ
issuedBy	Financial Accounting Standards Board NERFINISHED ⓘ
partOf	FASB Accounting Standards Codification NERFINISHED ⓘ
providesGuidanceOn	Amortization of long-lived assets ⓘ Assets held for sale ⓘ Assets to be abandoned ⓘ Assets to be distributed to owners ⓘ Assets to be exchanged ⓘ Depreciation of long-lived assets ⓘ Disposal of long-lived assets ⓘ Impairment of long-lived assets ⓘ Initial recognition of property, plant, and equipment ⓘ Measurement of property, plant, and equipment ⓘ
relatedTo	Impairment guidance in ASC 350 for goodwill and other intangibles ⓘ Presentation guidance in ASC 205 ⓘ Revenue recognition guidance when assets are sold ⓘ
requires	Capitalization of costs that are directly attributable to acquiring or constructing long-lived assets ⓘ Ceasing depreciation for assets classified as held for sale ⓘ Classification of long-lived assets as held for sale when certain criteria are met ⓘ Depreciation expense recognition over the asset’s useful life ⓘ Disclosure of accumulated depreciation ⓘ Disclosure of depreciation expense for the period ⓘ Disclosure of impairment losses and related information ⓘ Disclosure of major classes of depreciable assets ⓘ Grouping of assets with other assets and liabilities at the lowest level of identifiable cash flows for impairment testing ⓘ Impairment testing when events or changes in circumstances indicate that the carrying amount may not be recoverable ⓘ Long-lived assets to be recorded at cost when acquired ⓘ Measurement of assets held for sale at the lower of carrying amount or fair value less cost to sell ⓘ Measurement of impairment loss based on fair value ⓘ Presentation of assets held for sale separately in the balance sheet ⓘ Recognition of a loss for any initial or subsequent write-down of assets held for sale ⓘ Recoverability test based on undiscounted cash flows ⓘ Review of useful lives and depreciation methods when events indicate change ⓘ Systematic allocation of the cost of long-lived assets over their useful lives ⓘ
scopeExcludes	Exploration and development costs of mineral resources ⓘ Financial instruments ⓘ Intangible assets ⓘ Inventory ⓘ

Referenced by (1)

Full triples — surface form annotated when it differs from this entity's canonical label.

ASC 350 Intangibles—Goodwill and Other → relatedTo → ASC 360 Property, Plant, and Equipment ⓘ