PP&E Footnote Essentials ...

The following are some Plant, Property, and Equipment (PP&E) footnote essentials: 

• Interest should be capitalized as a part of the historical cost of the asset - assets that are for an enterprise’s own use.
• ​The cost of improvements extending the useful life of PP&E are capitalized when incurred by debiting the asset account.
• All repair and maintenance costs that do not enhance the service potential are expensed. 
• Annual amortization expense for a leasehold improvement is the cost of the improvement divided by the shorter of the useful life or the lease term.
• Land Held for Future Development should be classified as a Long-Term Investment. Land that is currently being used for operations is classified as Land. 
• Assets donated to a for-profit entity are recorded at fair market value.
• Biological assets are reflected on financial statements prepared under IFRS, not under GAAP.

cc: Reporting