Accounting for Property, Plant, and Equipment (18-1)

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Overview

4.0 Credits
ONLINE

High quality on-demand CPE courses which are available anytime. All our on-demand CPE courses are in compliance with standards issued by the AICPA and NASBA.

Objectives

After completing this course, you will be able to (1) account for the initial costs of property, plant, and equipment (PPE); (2) determine the assets qualifying for interest capitalization and calculate the amount of interest cost to be capitalized; (3) distinguish between subsequent expenditures for PPE that should be capitalized and those that should be expensed as incurred; (4) apply the straight-line depreciation method for allocation of the historical cost of PPE; (5) determine when an item of PPE should be tested for impairment and calculate the impairment loss; (6) account for an exchange of nonmonetary assets and for property dividends; (7) calculate periodic depletion; (8) account for changes in accounting estimates and error corrections in relation to PPE; and (9) recognize the main differences between U.S. GAAP and IFRS in relation to PPE.

Major Topics

Introduction, Initial Measurement, Measurement Subsequent to Initial Recognition, Disposal of PPE, Other Issues -- Change in Accounting Estimate and Error Correction in Relation to PPE, Other Issues -- Asset Retirement Obligation, Other Issues -- Depletion, Other Issues -- Exchanges of PPE (Nonmonetary Assets), Other Issues -- Property Dividends, Other Issues -- Financial Statement Disclosures

Prerequisite

None
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