Introduction to Plant Assets Financial Accounting
While ASC normal balance 360 applies specifically to long-lived assets, IAS 36 has a broader scope covering all assets. ASC 360 uses a two-step impairment test, while IAS 36 uses a one-step approach. All entities that follow US GAAP—including public companies, private businesses, nonprofits, and government entities—are required to comply with ASC 360. With CPCON … Read more