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) Printed from http://www.iaseminars.com/ on 29 Dec 2014 Page 1 of 6 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) Printed from http://www.iaseminars.com/ on 29 Dec 2014 Page 2 of 6 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) Printed from http://www.iaseminars.com/ on 29 Dec 2014 Page 3 of 6 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) Printed from http://www.iaseminars.com/ on 29 Dec 2014 Page 4 of 6 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) Printed from http://www.iaseminars.com/ on 29 Dec 2014 Page 5 of 6 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) Printed from http://www.iaseminars.com/ on 29 Dec 2014 Page 6 of 6