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FASAB issues Statement of Federal Financial Accounting Standards (SFFAS) no. 23, Eliminating the Category National Defense Property, Plant and Equipment. (Government Accounting).

* FASAB issues Statement of Federal Financial Accounting Standards (SFFAS) no. 23, Eliminating the Category National Defense Property, Plant and Equipment. In addition to rescinding the category, the statement's standards classify as general PP&E all items previously considered ND PP&E and apply the provisions for general PP&E and associated cleanup costs contained in SFFAS no. 6, Accounting for Property, Plant, and Equipment. The standards also permit continued use of the composite or group depreciation methodology and are effective for periods beginning after September 30, 2002. Copies of SFFAS no. 23 are available from FASAB on the Web (www.fasab.gov/concepts.htm) or by phone (202-512-7350).
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Publication:Journal of Accountancy
Date:Jul 1, 2003
Words:108
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