PPE & Intangibles
8 important questions on PPE & Intangibles
What are costs directly attributable to bringing the asset to the conditions necessary?
- Costs of employee benefits arising directly from the construction or acquisition
- Costs of site preparation
- Initial delivery and handling costs
- Installation and assembly costs
- Costs of testing whether the asset is functioning properly
- Professional fees.
What are capital expenditures?
Expenditures that increase the asset's capacity or extend its useful life.
Which factors should be considered in determining an asset's useful life?
- Expected usage of the asset
- Expected physical wear and tear
- Technical or commercial obsolescence
- Legal or similar limits on the use of the asset.
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How to calculate the Double declining balance depreciation?
- Compute the straight line depreciation rate per year
- Multiply the straight line rate by 2 to compute the DDB rate. (1/useful life in years ×2)
- Multiply the DDB rate by the period's beginning asset book value.
- Determine the final year's depreciation amount.
Trademarks and trade names are ...
distinctive identification of a product or service.
How to record a loss of selling PPE?
Debit accumulated depreciation
Credit Loss on sale of PPE
Costs associated with the creation of intangible assets are classified into to phases, which are ...
1. Research phase costs - these are always expensed
2. Development phase costs - are capitalized if the company can demonstrate meeting all of the criteria.
What are the six criteria for development phase costs to be capitalized?
- The technical feasibility of completing the intangible asset
- The intention to complete the intangible asset
- The ability to use or sell the intangible asset
- The future economic benefits
- The availability of adequate resources to complete development of the asset
- The ability to reliably measure the expenditure attributable to the intangible asset during its development.
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