26 December 2020

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. This 164-page guide … GUIDE TO VALUATION AND DEPRECIATION | vi AUDIT CONSIDERATIONS 154 22. • Any other fixed asset – straight-line or reducing-balance method. Fixed asset valuations. DTTL and each of its member firms are legally separate and independent entities. 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. 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 … 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 … 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. 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. This Roadmap replaces the Deloitte Q&As that were contained in ASC 360. Deloitte provides asset valuations and consulting services for a wide range of clients in Australia and overseas. Please enable JavaScript to view the site. Worldwide Corporate Tax Guide. Telecommunications, Media & Entertainment. Deloitte guide to IFRS 3 and IAS 27 In July 2008, the Deloitte IFRS Global Office has published Business Combinations and Changes in Ownership Interests: A Guide to the Revised IFRS 3 and IAS 27 . Please enable JavaScript to view the site. 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 … Networked Assets 178 30. Grouped Assets … © 2020. Further, the table of contents is a helpful navigational tool, providing links to topics and interpretations. • 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. 360-10 Overall. The KPMG Guide: FRS 139, Financial Instruments: Recognition and Measurement i. Social login not available on Microsoft Edge browser at this time. © 2020. Worldwide VAT, GST and Sales Tax Guide… Introduction 162 26. 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. Intangible assets • Intangible assets … most assets is likely be immaterial. Menu . Learn how Deloitte can help lead your efforts to … Fixed assets are adequately safeguarded. Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S. GAAP Consolidation — Identifying a Controlling … ASC 360-10 notes that long-lived tangible assets … Assessing managements understanding 155 24. The Roadmap series contains comprehensive, easy-to-understand accounting guides on selected topics of broad interest to the financial reporting community. We are pleased to present A Roadmap to Impairments and Disposals of Long-Lived Assets and Discontinued Operations. Certain services may not be available to attest clients under the rules and regulations of public accounting. Roadmap series publications are comprehensive, easy-to-understand accounting guides on selected topics of broad interest to the financial reporting community. Fixed asset management is the process of tracking and maintaining an organization’s physical assets and equipment. 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. Introduction ... cash or another financial asset for a fixed number of the entity’s own equity instruments. This chapter includes a discussion on key clarifications on the implementation issues on applying the standards on non-financial assets. Worldwide Estate and Inheritance Tax Guide. Telecommunications, Media & Entertainment, Stay current: Audit & Assurance subscriptions, Financial Statement & Internal Control Audit. 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 … Infrastructure Assets 173 29. Deloitte can help. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. 1 For a list of the titles of standards and other literature referred to in this publication, see Appendix B. For a list of abbreviations used in this publication, see Appendix C. Subscribe to receive Roadmap series publications via e-mail. 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 … Fixed assets reflect the existing business circumstances and economic conditions in accordance with the accounting policies being used. ASC 360-10 provides guidance on accounting for property, plant, and equipment, and the related accumulated depreciation on those assets. The justification of non-depreciation on The KPMG Guide: … 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 … Worldwide Transfer Pricing Reference Guide. Yet there still can be confusion surrounding the accounting for fixed assets. 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 business in ASC 805-10. A podcast by our professionals who share a sneak peek at life inside Deloitte. 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. Archives are available on the Deloitte Accounting Research Tool website. Worldwide Capital and Fixed Assets Guide. Industries Asset management Automotive Banking and capital markets Communications Energy and mining Entertainment and media Financial services Health industries Industrial products Insurance … See Terms of Use for more information. Preparing for audit 157 GUIDANCE FOR SPECIFIC ASSET TYPES 162 25. Using an asset management system, organizations can: Track and monitor fixed assets; may 31, 2010. best practices for valuations . Download the guide Property, plant, equipment and other assets. Quick Links . The Property, plant, equipment and other assets guide discusses the accounting for acquisition transactions determined to be asset acquisitions under US GAAP. Our in-depth guide explains in detail how to account for asset acquisitions. Buildings 165 28. This Subtopic also includes guidance on the impairment or disposal of long-lived assets. Put a wealth of information at your fingertips. ... 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. The guidance includes Q&As and examples clarifying how the accounting for asset acquisitions differs from business combinations accounting. Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S. GAAP Consolidation — Identifying a Controlling … Certain services may not be available to attest clients under the rules and regulations of public accounting. 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. We are pleased to present A Roadmap to Impairments and Disposals of Long-Lived Assets and Discontinued Operations. We have proven experience in managing large-scale and complex projects and can assist organisations to determine the correct value of their assets. Further, the table of contents is a helpful navigational tool, providing links to topics and interpretations.Â. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. A roadmap to impairments and disposals of long-lived assets and discontinued operations has been saved, A roadmap to impairments and disposals of long-lived assets and discontinued operations has been removed, An Article Titled A roadmap to impairments and disposals of long-lived assets and discontinued operations already exists in Saved items. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms. Worldwide Personal Tax and Immigration Guide. The effective management of fixed assets is an increasing challenge. 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. Clear Search . Deloitte's DART team calculates depreciation expense taxes for more than 200 companies and $20 billion in tax fixed assets. Asset types include vehicles, computers, furniture and machinery. 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. 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. A podcast by our professionals who share a sneak peek at life inside Deloitte. Maintaining fixed asset … the identification of contributory assets and calculation of economic rents. Archives are available on the Deloitte Accounting Research Tool website. In short, Fixed Asset … Subscribe to receive Roadmap series publications via e-mail. Worldwide R&D Incentives Reference Guide. 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. replacement cost of specific parts, useful life of assets or specific parts, eg, specified number of hours of use, etc. in financial reporting: intangible asset working The depreciation charge for each period is recognised as an expense in profit or loss, unless it is included in the carrying amount of another asset. ASC 205-20 further provides guidance on when a component, or group of components, of an entity that is classified as held for sale or disposed of must be reported as a discontinued operation. Fixed asset maintenance records are updated timely. An acquirer entering into a transaction considered to be an asset … Applicability. DTTL (also referred to as "Deloitte Global") does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms. Social login not available on Microsoft Edge browser at this time. FRS 116 requires the effect of inflation to be taken into account in arriving at the residual value. Land 163 27. 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. (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… 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. 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. 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. Deferred revenue … Financial information is not presented in a misleading way and all information that is necessary for fair presentation and compliance with professional standards or legal requirements is disclosed. See Terms of Use for more information. Role of audit 154 23. Deloitte Touche Tohmatsu is one of the world’s ... mining-related fixed assets. Discover Deloitte and learn more about our people and culture. 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. Disclosures about mineral reserves and resources page two. Discover Deloitte and learn more about our people and culture. Deloitte Accounting Research Tool. 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. Under the historical cost model, mineral reserves that result ... to Industry Guide … Any changes are accounted for prospectively as a change in estimate. The team provides valuation … Topics covered include the initial measurement of assets… The useful life of an asset and the depreciation method applied is reviewed as a minimum at each annual reporting date. And interpretations determine the correct value of their assets to topics and interpretations. large-scale and complex projects and can organisations. Clients under the rules and regulations of public accounting www.deloitte.com/about to learn more about our Global network of member.. Experience in managing large-scale and complex projects and can assist organisations to determine the value... 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