ACTG 3110 Chapter 9: ACTG 3110 Chapter 9

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Long-lived assets may be separated into 5 types: property, plant and equipment, investment property, biological assets, intangible assets, goodwill. Property plant and equipment: tangible item acquired for use in the revenue producing activities of the enterprise and expected to be used for more than one period. Ex: land, buildings, equipment, furniture, leasehold improvements etc. Include long-lived property held to generate revenue through rental such as: office buildings, apartments, cars, computers etc. Must be held for use in production or supply of goods or for rental to others. May be used for administrative purposes or for maintenance of other capital assets. Must be acquired to be used on continued basis for more than 1 year. Must not be intended for sale in ordinary course of business. Held for sale assets are not ppe: no longer classified as ppe, they become investment properties or assets held for sale.

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