ASC 360 (Property, Plant, and Equipment)

Definition

The US GAAP standard governing the recognition, measurement, and impairment of long-lived tangible and certain intangible assets. ASC 360 requires a two-step impairment test: first, a recoverability test comparing undiscounted future cash flows to carrying value; second, if impairment is indicated, measurement of the loss as the excess of carrying value over fair value. Unlike IAS 36, ASC 360 does not permit reversal of impairment losses on assets held and used.