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How are natural resources and the accounting for such assets different from other tangible and intangible long-lived assets?
The difference between current and long term assets is that current assets are converted/used within a single operating cycle (inventory, work in progress, accounts receivable, etc), [ whereas long term assets are used for multiple operating cycles (machines, buildings, etc). There are three types of long term assets: long term tangible assets, such as machines and buildings, long term
intangible assets such as patents and trademarks and long term financial assets such as shares held in other companies. In this tutorial I focus on long term tangible assets. Many of the principles discussed here can be applied to intangible assets. Accounting for financial assets however, has some distinct features. I intend to discuss accounting for (long term) financial assets in a separate tutorial at a future point in time. Key points: - current assets are converted or used within a single operating cycle - long term assets are used multiple operating cycles ]
Expert answered|selymi|Points 9376|
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Asked 11/24/2012 4:56:10 AM
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What objectives or principles account for the differences between the financial accounting depreciation rules and the income tax cost recovery rules?
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