Accounting

Plant and Intangible Assets

Plant and Intangible Assets

Plant and Intangible Assets that are used actively in the operations of an entity. It is fully expected that these assets, sometimes referred to as property, plant, and equipment, will benefit future periods. When a plant asset is acquired, it is recorded at its historical cost. Once the asset is placed in service, a portion of the asset’s cost is allocated to depreciation expense as the asset becomes older.