Plant, Property, and Equipment: Fixed Assets

Roger Philipp, CPA, CGMA, explains Plant, Property, and Equipment as Fixed Assets in this video. Learn more about this topic that is covered in the Financial Accounting and Reporting (FAR) section of the CPA Exam.

Connect with us:

Website: https://www.rogercpareview.com
Blog: https://www.rogercpareview.com/blog
Facebook: https://www.facebook.com/RogerCPAReview
Twitter: https://twitter.com/rogercpareview
LinkedIn: https://www.linkedin.com/company/roger-cpa-review

Are you accounting faculty looking for FREE CPA Exam resources in the classroom? Visit our Professor Resource Center: https://www.rogercpareview.com/professor-resource-center/

Transcript Sneak Peek:

Welcome welcome to Property, Plant, and Equipment. Now at this point in our studies, right, we're eight plus sections in.

At this point you sit down and go, okay how is my studying going? Is it starting to make sense? At this point I also like to go back to maybe the first section and start to review a little bit, because it's easy to start forgetting the stuff we studied in section one and two and three and four and so on.

But again if you study, you will pass. This is not an IQ test. It's a test of discipline. So hang in there as far as putting in the hours. Remember to go through all the homework at least two to three times, multiple choice, task-based simulations, the repetition is what will work.

On the exam you got a minute and a half to jump from question to question to question to question. Repetition is key, task-based simulations, my goal is for you to understand the concepts, so that way no matter what format you see the question in, whether it's multiple choice or simulation problem, you will get the concepts correct.

All right, where are we now? We're talking about fixed assets, property, plant, and equipment. We're gonna talk about fixed assets under US GAAP, all the ASCs, Accounting Standard Codifications. Then at the end we're gonna talk about IFRS. Now this is one of the areas where IFRS is significantly different than under US GAAP. So we'll talk about differences and I'll kinda drop a little bit of the exciting differences in there as I'm lecturing under GAAP, and then we'll hit them all at the very end.

Now, property, plant, and equipment, we're looking at fixed assets, ASC 360. Basically property, plant, and equipment is called PP&E, property, plant, and equipment or fixed assets. These are tangible assets acquired for long-term use in the normal course of business. They're not for resale and generally they are subject to depreciation, right?

Видео Plant, Property, and Equipment: Fixed Assets канала UWorld Roger CPA Review