Possible FASB convergence project on major maintenance
06 Mar 2006
At its meeting on Wednesday, 8 March 2006, the US Financial Accounting Standards Board will discuss whether to add to its agenda a project to address planned major maintenance activities.
Currently, under IAS 16, major inspection or overhaul costs are generally accounted for as part of the cost of an asset, while under US GAAP these costs are generally expensed.