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Accounting

PDF: Accounting for property, plant, and equipment Federal Financial ...

Download 94 times Source: www.fasab.gov // Topic: Accounting File Size: 201.97 kb // Total of Page: 107 Page(s) Last download by basologue Last download on: 11 hours ago Share this info: Sample of page (click to enlarge) Short Desciption: Statement of Federal Financial Accounting Standards No. 6. JUNE 1996. GPO # 041-001-00462-9 ($6.50) ...... and to report that amount in the entity financial ... Content Inside: Accounting for property, plant, and equipment Federal Financial Accounting Standards no. 6 ************************************************** Federal Accounting Standards Advisory Board (FASAB) ACCOUNTING FOR PROPERTY, PLANT, AND EQUIPMENT Statement of Federal Financial Accounting Standards No. 6 JUNE 1996 GPO # 041-001-00462-9 ($6.50) ************************************************** [NOTE 1: THE FOOTNOTES INCLUDED IN THIS DOCUMENT ARE OFTEN CRITICAL TO UNDERSTANDING THE STANDARDS. DUE TO THE LIMITATIONS ON TEXT PRESENTATION THE FOOTNOTES ARE PRESENTED AS ENDNOTES. PLEASE BE SURE TO REFER TO THESE ENDNOTES AS YOU REVIEW THE STANDARDS.] ************************************************** EXECUTIVE SUMMARY a This statement contains accounting standards for Federally owned property, plant, and equipment (PP&E); deferred maintenance on PP&E; and cleanup costs. Each standard is summarized below. PROPERTY, PLANT, AND EQUIPMENT b The Federal Governments investment in PP&E exceeds $1 trillion [SEE NOTE 1] PP&E used for many different purposes. "PP&E" is defined as follows: Tangible assets that (1) have an estimated useful life of 2 or more years, (2)