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Accounting. Audit and Tax
CPAnet Forum : Accounting. Audit and Tax

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sadeitz
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Joined: 10 May 2011
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Posted: 10 May 2011 at 16:30 \| IP Logged

our client is an apartment buildong which is spending approx 500,000 on installing a new roof and on fixing and rebuilding shaky parapets. question is as far as GAAP is concerned - my inclination is to capitalize the roofs and expense the parapet work, but i don't really see a distinction as I think everything should be considered a repair since it is restoring buiding to what it should be.
any comments or assistance and/or "authoritative sources"?

thank you

elkolodj
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Joined: 16 May 2011
Location: Argentina
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Posted: 16 May 2011 at 13:54 \| IP Logged

no reason to capitalize those costs. there are simple repairs. Does that 500,000 amount represent a considerable/significant amount in your company?

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