ASC 360 — Property, Plant, and Equipment
The full text of ASC 360, Property, Plant, and Equipment, can be found in the FASB Accounting Standards Codification (link to the FASB's Web site; registration required). Also, the full text of the Codification and Deloitte-authored Q&As related to the Codification are available in the Deloitte Accounting Research Tool (DART) Web site (subscription required).
ASC 360 comprises two Subtopics (Overall and Real Estate Sales). Below is an overview of each Subtopic.
ASC 360-10 provides guidance on accounting for property, plant, and equipment, and the related accumulated depreciation on those assets. This Subtopic also includes guidance on the impairment or disposal of long-lived assets. ASC 360-10 notes that long-lived tangible assets include land and land improvements, buildings, machinery and equipment, and furniture and fixtures.
360-20 Real Estate Sales
ASC 360-20 notes the following:
This Subtopic provides accounting guidance for the sale of real estate other than retail land. The real estate sales guidance was placed under the Property, Plant, and Equipment Topic because it is applicable to all entities involved with real estate sales transactions. Other guidance specific to the real estate subindustries is found in the related Real Estate Topics.
The Real Estate Topics are found at ASC 970 through ASC 978.
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FASB Accounting Standards Updates
The following ASUs amended the guidance in this Topic:
- ASU 2014-09, Revenue From Contracts With Customers (issued May 2014; effective December 15, 2016, for public entities).
- ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (issued April 2014; effective first quarter of 2015 for public organizations and December 15, 2014 for most nonpublic organizations).
- ASU 2012-04, Technical Corrections and Improvements (issued October 2012; effective December 15, 2012, for public entities and December 15, 2013, for nonpublic entities).
- (issued December 2011; effective June 15, 2012).
Proposed FASB Accounting Standards Updates
No current proposed ASUs on Topic 360.
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For the IASB's guidance on this topic, see IAS 16, Property, Plant and Equipment.