This reading is organised as follows:
Section 2 describes and illustrates accounting for the acquisition of long-lived assets, with particular attention to the impact of capitalizing versus expensing expenditures.
Section 3 describes the allocation of the costs of long-lived assets over their useful lives.
Section 4 discusses the revaluation model that is based on changes in the fair value of an asset.
Section 5 covers the concepts of impairment (unexpected decline in the value of an asset).
Section 6 describes accounting for the derecognition of long-lived assets.
Section 7 describes financial statement presentation, disclosures, and analysis of long-lived assets.
Section 8 discusses differences in financial reporting of investment property compared with property, plant, and equipment.
Section 9 describes accounting for leases.