Last Thursday, Congressman Tiahrt proposed a bill aimed at using bonus depreciation to help stimulate a suffering economy in Kansas. The bill would further extend for two years, the increased allowable bonus depreciation amounts under the American Recovery and Reinvestment Act of 2009. This would be aimed at helping an ailing economy and aviation industry [...]
IAS 16: Property, Plant & Equipment:
One of the hottest topics in the US accounting world is the transition to IFRS, which stands for International Financial Reporting Standards. IFRS and IAS, International Accounting Standards, provide the detail behind the conceptual framework of the International Accounting Standards Board (IASB). To clarify, the IASB is the [...]
This will mark the third post in our coverage of depreciation reporting and will address the elements of monthly depreciation expense journal entries. This type of reporting is important to many professionals as most companies will report their depreciation expense on monthly financial statements. There are 2 main reasons to account for monthly depreciation expense:
To [...]
The second post in our depreciation reporting series will cover the elements of a depreciation roll forward report. This depreciation report displays the opening balance and then the asset activity during the reporting period. This means all the numbers are fluid and the report is read from left to right. Below is a picture of [...]
This post will begin a series of posts to help create an understanding of fixed asset depreciation reporting. Many companies use a variety of different software solutions capable of generating numerous reports. Such reports include roll forward reports, monthly depreciation expense reports, asset acquisition reports, and more. Here you will find the description of a [...]
This next segment on bonus depreciation will address bonus depreciation in the Gulf Opportunity Zone, otherwise known as the GO Zone. A few years ago in 2005, Hurricanes Katrina, Rita and Wilma ripped through the United States Gulf Coast causing a natural catastrophe. Overall, the hurricane season of 2005 was one of the most severe [...]