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Accounting for the Disposal of General PPE

Accounting for the Disposal of General PPE. The difference between NRV and actual disposal amount is recorded as G/L (Realized). Assets recorded with NRV with offsetting G/L (Unrealized). Permanent removal of General PPE No depreciation is taken. AND. 2) Mgt decision to

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Accounting for the Disposal of General PPE

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  1. Accounting for the Disposal of General PPE

  2. The difference between NRV and actual disposal amount is recorded as G/L (Realized) Assets recorded with NRV with offsetting G/L (Unrealized) Permanent removal of General PPE No depreciation is taken AND 2) Mgt decision to Perm remove asset 1) Asset use is terminated OR Temporary removal No changes in accounting requirements

  3. New USSGL account Account 1760: General Property, Plant, and Equipment That Are Permanently Removed But Not Yet Disposed

  4. Changes to USSGL Accounts The definition of accounts 7180 and 7280 (Unrealized Gains and Losses) will be changed to accommodate unrealized holding gains or losses when GPPE is permanently removed but not yet disposed

  5. The status of the Exposure Draft and its impact on the USSGL. • The new account and changes to the existing accounts will be on the ballot but they will not publish on the TFM until the technical release is official. • The USSGL implementation guide will be on the USSGL Web site once technical release becomes official.

  6. The USSGL requested FASAB to address the following: Recognition of unrealized holding gains or losses - modify paragraph 11 and Appendix B GPPE that has been previously capitalized – General comment Balance Sheet presentation– General comment and Appendix B

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