ASC 360 definition
ASC 360 means the Financial Accounting Standards Board Accounting Standards Codification 360 (Property , Plant and Equipment).
ASC 360 means the FASB Accounting Standards Codification relating to “Property, Plant, and Equipment.”
Examples of ASC 360 in a sentence
ASC 360 requires impairment losses to be recorded on long-lived assets used in operations when indicators of impairment are present and the discounted cash flows estimated to be generated by those assets are less than the assets’ carrying amounts.
The Company, in accordance with ASC 360, Property, Plant, and Equipment, reviews for impairment of long-lived assets and certain identifiable intangibles whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.