Objective(s)
The objective of this project had been to develop an accounting framework for property, plant, and equipment, including guidance for both the capitalization of costs and the unit of accounting. This project would have amended certain APB Opinions and FASB Statements to incorporate changes that would have resulted from the final issuance of the proposed AICPA Statement of Position (SOP), Accounting for Certain Costs and Activities Related to Property, Plant, and Equipment.
Decisions Reached at the Last Meeting
On April 14, 2004, the Board objected to final clearance of the proposed AICPA Statement of Position, Accounting for Certain Costs and Activities Related to Property, Plant, and Equipment. The Board asked the AICPA Accounting Standards Executive Committee to discontinue work on the project. The Board removed the project from its agenda and no further Board discussion is planned. The Board asked the FASB staff to consider whether portions of the draft SOP should be issued as a FASB Staff Position(s).
