US GAAP Accounting for Property, Plant and

Transcription

US GAAP Accounting for Property, Plant and
Course 2295: US GAAP Accounting for Property, Plant and Equipment
(1 day)
Course introduction
This one-day course provides an in-depth review of the US GAAP accounting and disclosure requirements relating to
property, plant and equipment. In addition to assets such as land, land improvements, buildings, machinery and
equipment, furniture and fixtures, the course also includes guidance on accounting treatment and appropriate
options for other items that may be accounted for as property, plant and equipment, such as tools and dies,
patterns, spare parts, reusable containers, china and silverware.
The fundamental issues of property, plant and equipment recognition and measurement are covered in depth. Using
real cases, our specialist instructors explain and illustrate accounting for initial and subsequent cost recognition,
depreciation, impairment, assets held for sale and asset disposals. This valuable program includes the treatment of
non-monetary exchanges, contributed assets, lump-sum purchases, combined land and building acquisitions,
interest and overhead capitalization, excess costs and asset retirement obligations. Issues relating to balance
sheet presentation and appropriate disclosures are also fully illustrated and discussed.
In addition, accounting guidance for special and complex areas is provided, including such issues as the use of
replacement appropriations and reserves, provisions for renewal, cash flow hedges of purchased assets, leasehold
improvements, property held for development, income-producing property and involuntary conversions.
The program answers questions such as:
When should a property be recognized?
What costs should be capitalized?
How and when should depreciation and losses in value be recorded?
How should property, plant and equipment appear on the balance sheet?
What disclosures are appropriate?
Topics
Definition
Recognition and Measurement
Course 2295: US GAAP Accounting for Property, Plant and Equipment (1 day)
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Components of cost
Non-monetary exchange transactions
Transactions with a trade-in component
Contributed assets
Assets purchased with related debt
Lump-sum purchase of a group of assets
Land and buildings purchased together
Buildings to be demolished
Treatment of excess costs
Guidance on capitalizing construction overheads
Interest capitalization
Asset retirement obligations
Treatment of Costs Subsequent to Acquisition
Accounting policy and minimum capitalization guidance
Cost of items to treat environmental contamination
Asset retirement costs incurred from asset use
Allowed interim reporting methods for major maintenance
Depreciation
Non-depreciable assets
Allowed depreciation methods
Depreciation base and salvage value
Estimated useful lives
Accounting for changes in estimates
Accounting for changes in depreciation methods
Depreciating asset components
Guidance on applying group and composite depreciation
Start of depreciation
Idle assets and facilities
Fully depreciated assets
Accounting Guidance for Special Situations
Use of replacement appropriations and reserves
Provisions for renewal
Techniques for short-lived, low-cost assets (tools, dies, utensils, etc.)
Accounting for returnable containers
Course 2295: US GAAP Accounting for Property, Plant and Equipment (1 day)
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Accounting for returnable containers
Treatment of spare parts
Cash flow hedges of property, plant and equipment purchases
Leasehold improvements
Property held for future development
Accounting for Income-producing Property
Recognition
Measurement
Acquisition through foreclosure
Depreciation
Assets Held for Sale
Criteria for classification
Valuation
Re-classifications
Disposal groups and discontinued operations
Impairment
Impairment triggers
Recoverability testing
Measuring impairment
Asset groups
Recognizing and allocating impairment losses
Asset Disposals
Treatment of composite depreciation disposals
Dispositions for consideration other than cash
Exchanges
Treatment of Involuntary Asset Losses
Types of involuntary events (condemnation, expropriation, etc.)
Events leading to gain or loss recognition
Events without gain recognition
Fair Value Measurement
Balance Sheet Presentation
Disclosures
Accounting for the sale of real estate subject to a buy-sell clause
Latest Pronouncements
Course 2295: US GAAP Accounting for Property, Plant and Equipment (1 day)
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Teaching method
Live group instruction
Review of US GAAP in relation to property, plant and equipment accounting
Interactive question and answer sessions
Extensive use of examples, ‘real world’ and model financial statements to illustrate practical application of the
accounting and disclosure requirements for property, plant and equipment
Active participation is encouraged
All participants receive a comprehensive binder containing copies of the presentation slides, handouts and
other course materials
Prerequisites
Understanding of basic accounting principles under US GAAP, IFRS or national standards. No advance preparation is
required for this course.
Course benefits
Comply with the accounting and disclosure requirements for property, plant and equipment
Recognize and appropriately account for asset retirement obligations, assets held for sale and asset disposals
Know when and how property should be recognized on the balance sheet
Understand what costs should be capitalized and how to treat excess costs, overheads, non-monetary
exchanges, lump-sum purchases and subsequent expenditures
Apply the rules for depreciation
Determine when and how to recognize losses in value
Learn accounting treatments and options for items such as tools and dies, reusable containers, spare parts and
utensils
Become familiar with accounting guidance for special and complex areas such as the use of replacement
appropriations and reserves, provisions for renewal, leasehold improvements, property held for development,
income-producing property and involuntary conversions
Course 2295: US GAAP Accounting for Property, Plant and Equipment (1 day)
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Who should attend?
This course is designed for accountants or financial professionals who seek a comprehensive course in the technical
accounting for fixed assets under US GAAP.
CPE / CPD Accreditation
NASBA
IASeminars is registered with the US National Association of State Boards of Accountancy (NASBA) as a sponsor of
continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final
authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be
submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.
ICAEW Partner in Learning
IASeminars is proud to have been named as an ICAEW Partner in Learning, working together to offer the ICAEW IFRS
Certificate to our clients worldwide. ICAEW (The Institute of Chartered Accountants in England and Wales) is a world
leading professional membership organisation that promotes, develops and supports over 140,000 chartered
accountants worldwide. CPE certificates obtained from attending IASeminars courses are an ideal way for ICAEW
members and others to demonstrate their continuing professional development, provided that the topic is relevant
to their learning and development needs.
CFA Institute
IASeminars is an approved Continuing Education training provider of the CFA Institute (the global association of
investment professionals) and an official IFRS training partner of that institute. IASeminars is also an approved
training provider of the New York Society of Security Analysts, the CFA Society of the UK and of various other CFA
societies around the world. As a participant in the CFA Institute Approved-Provider Program, IASeminars has
determined that this program qualifies for 7 credit hours. Please use promotion code "CFACPE" when booking via this
website, to ensure that CE credit for your participation will be automatically recorded in your CE Diary.
New York State Board of Public Accountancy
IASeminars is registered with the New York State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID
is: 002546. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.
Texas State Board of Public Accountancy
IASeminars is registered with the Texas State Board of Public Accountancy as a CPE sponsor. Our CPE Sponsor ID is:
009689. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.
Course 2295: US GAAP Accounting for Property, Plant and Equipment (1 day)
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In House
To bring this course in-house please contact us and we will be pleased to assist
Course 2295: US GAAP Accounting for Property, Plant and Equipment (1 day)
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