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By D. R. Carmichael, O. Ray Whittington, Lynford Graham

This extremely popular reference is trusted via a substantial a part of the accounting career of their day by day paintings. This guide is the 1st position many accountants glance to discover solutions to perform questions. Its finished scope is well known and trusted. it's designed as a unmarried reference resource that gives solutions to all moderate questions about accounting and fiscal reporting requested via accountants, auditors, bankers, legal professionals, monetary analysts, and different preparers and clients of accounting info.

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Read or Download Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2) (Volume 2) PDF

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Additional resources for Accountants' Handbook, Special Industries and Special Topics (Accountants' Handbook Vol. 2) (Volume 2)

Sample text

SFAS No. 121 also established a common methodology for assessing and measuring the impairment of long-lived assets. SFAS No. 144, which is effective for fiscal years beginning after December 15, 2001, supercedes SFAS No. 121 but retains the fundamental recognition and measurement provisions of SFAS No. 121. This Statement addresses significant issues relating to the implementation of SFAS No. 121 and develops a single accounting model, based on the framework established in SFAS No. 121, for long-lived assets to be disposed of by sale, whether previously held and used or newly acquired.

Statement of Position (SOP) 98-5, “Reporting on the Costs of Start-up Activities,” provides guidance for mining companies as to when development stops and commercial operations begin. ” The SOP precludes the capitalization of start-up costs that are incurred during the period of insignificant mineral production and before normal productive capacity is achieved. (b) PRODUCTION COSTS. When the mine begins production, production costs are expensed. The capitalized property acquisition, and development costs are recognized as costs of production through their depreciation or depletion, generally on the unit-of-production method over the expected productive life of the mine.

Exploration and development costs are major expenditures of mining companies. The characterization of expenditures as exploration, development, or production usually determines whether such costs are capitalized or expensed. For accounting purposes, it is useful to identify five basic phases of exploration and development: prospecting, property acquisition, geophysical analysis, development before production, and development during production. Prospecting usually begins with obtaining (or preparing) and studying topographical and geological maps.

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