Intangible assets • Intangible assets … The complexity of calculating depreciation, coupled with tax law changes, merger and acquisition activity, and antiquated ERP systems has increased the need for companies to have a clear strategy around the management of fixed asset … Worldwide R&D Incentives Reference Guide. 1 For a list of the titles of standards and other literature referred to in this publication, see Appendix B. Buildings 165 28. Fixed asset maintenance records are updated timely. The justification of non-depreciation on The KPMG Guide: … Infrastructure Assets 173 29. (d) Safeguarding of assets-These controls ensure that the assets owned by the entity are safeguarded and any loss on damage/destruction of such assets are made good, through for example, insurance of assets… See Terms of Use for more information. The body of this Roadmap combines the guidance in ASC 360-10 and ASC 205-20 on accounting and reporting for long-lived assets—as well as that on the presentation of disposals that both do and do not qualify for discontinued-operations reporting—with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. Consider the example of a company that has long-lived assets that are recoverable under ASC 360-10: Property, Plant and Equipment—but the fair value of its fixed assets or finite-lived intangible assets … Clear Search . Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S. GAAP Consolidation — Identifying a Controlling … This Roadmap provides Deloitte’s insights into the guidance in ASC 360-101 and ASC 205-20 on impairments and disposals of long-lived assets and presentation of discontinued operations. This Roadmap provides Deloitte’s insights into and interpretations of the guidance on accounting for an acquisition of an asset, or a group of assets, that does not meet the U.S. GAAP definition of a … replacement cost of specific parts, useful life of assets or specific parts, eg, specified number of hours of use, etc. To find the text in the Roadmap that corresponds to a former Q&A, select the “Discontinued Operations” tab at the bottom of the Q&A to Roadmap Quick Reference Guide … Telecommunications, Media & Entertainment. ... to Applying ASC 985-605 Statement of Cash Flows Roadmaps Currently Available Only as a PDF Q&A to Roadmap Quick Reference Guide ... Q&A Section 2210 — Fixed Assets. This Roadmap provides Deloitte’s insights into the guidance in ASC 360-10 and ASC 205-20 on impairments and disposals of long-lived assets and presentation of discontinued operations. Please enable JavaScript to view the site. Learn how Deloitte can help lead your efforts to … The KPMG Guide: FRS 139, Financial Instruments: Recognition and Measurement i. Discover Deloitte and learn more about our people and culture. • Any other fixed asset – straight-line or reducing-balance method. Preparing for audit 157 GUIDANCE FOR SPECIFIC ASSET TYPES 162 25. © 2020. Fixed assets are adequately safeguarded. An acquirer entering into a transaction considered to be an asset … Quick Links . Deferred revenue … In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Role of audit 154 23. Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. The effective management of fixed assets is an increasing challenge. Fixed assets—also known as tangible assets or property, plant, and equipment (PP&E)—is an accounting term for assets and property that cannot be easily converted into cash.The word fixed indicates that these assets will not be used up, consumed, or sold in the current accounting year. A Roadmap to Accounting for Asset Acquisitions combines the principles from the “Acquisition of Assets Rather Than a Business” subsections of ASC 805-50 with Deloitte’s interpretations and examples in a comprehensive, reader-friendly format. The guide also discusses the capitalization of costs, such as construction and development costs and software costs, as well as the subsequent accounting for PP&E, including impairments, depreciation and amortization, and asset … Subscribe to receive Roadmap series publications via e-mail. Land 163 27. GUIDE TO VALUATION AND DEPRECIATION | vi AUDIT CONSIDERATIONS 154 22. Download the guide Property, plant, equipment and other assets. This publication represents a replacement of the 2019 publication A Roadmap to Disposals of Long-Lived Assets and Discontinued Operations and has been expanded to address the accounting for long-lived assets while classified as held and used. We are pleased to present A Roadmap to Impairments and Disposals of Long-Lived Assets and Discontinued Operations. Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S. GAAP Consolidation — Identifying a Controlling … Please see www.deloitte.com/about to learn more about our global network of member firms. A podcast by our professionals who share a sneak peek at life inside Deloitte. This 164-page guide … This Roadmap replaces the Deloitte Q&As that were contained in ASC 360. See Terms of Use for more information. For a list of abbreviations used in this publication, see Appendix C. Subscribe to receive Roadmap series publications via e-mail. The guidance includes Q&As and examples clarifying how the accounting for asset acquisitions differs from business combinations accounting. ASC 360-10 provides guidance on accounting for property, plant, and equipment, and the related accumulated depreciation on those assets. Social login not available on Microsoft Edge browser at this time. This chapter includes a discussion on key clarifications on the implementation issues on applying the standards on non-financial assets. Worldwide VAT, GST and Sales Tax Guide… ASC 360-10 notes that long-lived tangible assets … Grouped Assets … Worldwide Corporate Tax Guide. Further, the table of contents is a helpful navigational tool, providing links to topics and interpretations. Yet there still can be confusion surrounding the accounting for fixed assets. Networked Assets 178 30. 360-10 Overall. Put a wealth of information at your fingertips. Worldwide Estate and Inheritance Tax Guide. Fixed assets reflect the existing business circumstances and economic conditions in accordance with the accounting policies being used. Our in-depth guide explains in detail how to account for asset acquisitions. Industries Asset management Automotive Banking and capital markets Communications Energy and mining Entertainment and media Financial services Health industries Industrial products Insurance … Any changes are accounted for prospectively as a change in estimate. The Property, plant, equipment and other assets guide discusses the accounting for acquisition transactions determined to be asset acquisitions under US GAAP. Introduction ... cash or another financial asset for a fixed number of the entity’s own equity instruments. in financial reporting: intangible asset working Please enable JavaScript to view the site. This Roadmap provides Deloitte’s insights into the guidance in ASC 360-10 1 and ASC 205-20 on impairments and disposals of long-lived assets and presentation of discontinued operations. Further, the table of contents is a helpful navigational tool, providing links to topics and interpretations.Â. Under the historical cost model, mineral reserves that result ... to Industry Guide … This Deloitte e-learning module provides training in the background, scope and principles under IAS 16 'Property, Plant and Equipment', and the application of this Standard. ASC 360-10 specifies the accounting and reporting for long-lived assets that are being held and used by an entity and for long-lived assets … A roadmap to accounting for asset acquisitions (2017) has been saved, A roadmap to accounting for asset acquisitions (2017) has been removed, An Article Titled A roadmap to accounting for asset acquisitions (2017) already exists in Saved items. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Introduction 162 26. Disclosures about mineral reserves and resources page two. The book delves into many other areas of interest to the accountant, including the record keeping, controls, policies and procedures, measurements, asset tracking, and auditing procedures related to fixed assets. most assets is likely be immaterial. This Subtopic also includes guidance on the impairment or disposal of long-lived assets. ASC 360-10 specifies the accounting and reporting for long-lived assets that are being held and used by an entity and for long-lived assets that the entity intends to sell or otherwise dispose of. Handbook: Impairment of nonfinancial assets December 09, 2020 Latest edition: KPMG in-depth guide to impairment testing, covering the models in ASC 350-20, ASC 350-30 and ASC 360. Applicability. Please see www.deloitte.com/about to learn more about our global network of member firms. • Deductibility of depreciation expenses incurred for vehicles with a maximum of 9 seats, which are not used exclusively for business purposes, is limited to 1,500 RON/month. Roadmap series publications are comprehensive, easy-to-understand accounting guides on selected topics of broad interest to the financial reporting community. Social login not available on Microsoft Edge browser at this time. Worldwide Transfer Pricing Reference Guide. Non-financial assets recognised by an entity under Ind AS may include, tangible fixed assets such as Property, Plant and Equipment (PPE), investment property and intangible assets such as technology, brands, etc. That were contained in asc 360 projects and can assist organisations to determine the correct of! And learn more about our people and culture world ’ s own equity Instruments, financial Instruments: Recognition Measurement! 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