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APPENDIX C 56 COTS, contractor-developed, or internally developed. Such software serves the same purposes as other general PP&E and functions as a long-lived operating asset. This standard provides guidance regarding the types of cost elements to capitalize, the timing and thresholds of capitalization, amortization periods, accounting for impairment, and other guidance. Statement of Federal Financial Accounting Standards No. 11, October 1998 Amendments to Accounting for Property, Plant, and Equipment - Definitional Changes â Amending SFFAS No. 6 and SFFAS No. 8 Accounting for Property, Plant, and Equipment And Supplementary Stewardship Reporting Executive Summary a The purpose of this Statement is to amend certain standards in Statement of Federal Financial Accounting Standards No. 6, Accounting for Property, Plant, and Equipment, (SFFAS No. 6), which was issued in November 1995; and, Statement of Federal Financial Accounting Standards No. 8, Supplementary Stewardship Reporting, (SFFAS No. 8), which was issued in June 1996. The amendments specifically affect the definition in the standards for Federal mission property, plant, and equipment (PP&E) and the classification of space exploration equipment as general PP&E in these two Statements. b Rather than specifying types of PP&E, the original standards defined Federal mission PP&E with a set of criteria. PP&E items that met those criteria would be reported as Federal mission PP&E. Those criteria, however, were subject to inconsistent interpretations and appeared to be resulting in a broader application of Federal mission PP&E than originally intended. c To resolve this problem, the amendments eliminated the category of Federal mission PP&E and created a new category for national defense PP&E, which consists of: (1) the PP&E components of weapons systems and support PP&E owned by the Department of Defense or its component entities for use in the performance of military missions, and (2) the vessels held in a preservation status by the Maritime Administration's National Defense Reserve Fleet. As a result space exploration equipment shall be treated as general PP&E. Statement of Federal Financial Accounting Standards No. 14, April 1999 Amendments To Deferred Maintenance Reporting Amending SFFAS No. 6 Accounting for Property, Plant and Equipment and SFFAS No. 8 Supplementary Stewardship Reporting Executive Summary I. Deferred maintenance reporting is a required disclosure per Statement of Federal Financial Accounting Standards No. 6, Accounting for Property, Plant, and Equipment (SFFAS No. 6), and is referenced in SFFAS No. 8, Supplementary Stewardship Reporting. This amendment does not modify the information to be provided users of
