tailieunhanh - United States General Accounting Office GAO March 1998 Report to the Congress_part6

Tham khảo tài liệu 'united states general accounting office gao march 1998 report to the congress_part6', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 44 Notes to the Financial Statements unserviceable inventories are valued at estimated net realizable values. F. Property plant and equipment Property plant and equipment PP E are recorded using purchase price replacement cost standard cost and other acceptable methods. Defense weapons systems which comprise most of the PP E are not currently depreciated. Depreciation and amortization expense which applies to other PP E except land and limited duration land rights and construction in progress are generally recognized using the straightline method over the assets estimated useful lives. The Government Management Reform Act does not require the legislative and judicial branches to report their financial information to Treasury therefore most PP E in use by those entities is not included in these consolidated financial statements. G. Retirement programs Pension expense and retirement health benefits and related liabilities are recorded during the time that employee services are rendered. The liabilities for defined benefit pension plans and retirement health benefits are recorded at estimated actuarial present value of future benefits less the estimated actuarial present value of normal cost contributions made by and for covered employees. Normal cost is the portion of the actuarial present value of projected benefits allocated under the actuarial method as expense for employee services rendered in the current year. Actuarial gains and losses and prior and past service cost if any are recognized immediately in the year they occur without amortization. H. Environmental liabilities Environmental liabilities are recorded at the estimated current cost to remediate hazardous waste and environmental contamination assuming the use of current technology. Remediation consists of removal treatment and or safe containment. Where technology does not exist to clean up hazardous waste only the estimable portion of the liabil ity typically safe containment is recorded. I. .