TAILIEUCHUNG - Lecture Intermediate accounting (Volume 1, IFRS edition): Chapter 10 - Kieso, Weygandt, Warfield
Chapter - Acquisition and disposition of property, plant, and equipment. After completing this chapter you should be able to: Describe property, plant, and equipment, identify the costs to include in initial valuation of property, plant, and equipment, describe the accounting problems associated with self-constructed assets, describe the accounting problems associated with interest other contents. | C H A P T E R 10 ACQUISITION AND DISPOSITION OF PROPERTY, PLANT, AND EQUIPMENT Intermediate Accounting IFRS Edition Kieso, Weygandt, and Warfield Describe property, plant, and equipment. Identify the costs to include in initial valuation of property, plant, and equipment. Describe the accounting problems associated with self-constructed assets. Describe the accounting problems associated with interest capitalization. Understand accounting issues related to acquiring and valuing plant assets. Describe the accounting treatment for costs subsequent to acquisition. Describe the accounting treatment for the disposal of property, plant, and equipment. Learning Objectives Acquisition Acquisition costs: land, buildings, equipment Self-constructed assets Interest costs Observations Valuation Cost Subsequent to Acquisition Dispositions Cash discounts Deferred contracts Lump-sum purchases Stock issuance Non-monetary exchanges Government grants Sale Involuntary conversion Additions Improvements and replacements Rearrangement and reorganization Repairs Summary Acquisition and Disposition of Property, Plant, and Equipment “Used in operations” and not for resale. Long-term in nature and usually depreciated. Possess physical substance. Property, plant, and equipment is defined as tangible assets that are held for use in production or supply of goods and services, for rentals to others, or for administrative purposes; they are expected to be used during more than one period. Property, Plant, and Equipment LO 1 Describe property, plant, and equipment. Includes: Land, Building structures (offices, factories, warehouses), and Equipment (machinery, furniture, tools). Historical cost measures the cash or cash equivalent price of obtaining the asset and bringing it to the location and condition necessary for its intended use. Companies value property, plant, and equipment in subsequent periods using either the cost method or fair value (revaluation) method. Acquisition of PP&E LO 2 .
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