| Property, Plant and Equipment (PPE) | Tangible assets used in operations with useful lives exceeding one year |
| Historical Cost | Original acquisition cost including all costs to bring asset to intended use |
| Capitalization | Recording an expenditure as an asset rather than an expense |
| Depreciation | Systematic allocation of a tangible asset’s depreciable amount over its useful life |
| Straight-Line Depreciation | Equal depreciation expense each period: (Cost - Salvage) / Useful Life |
| Double-Declining Balance (DDB) | Accelerated method: 2/n times beginning book value |
| Units-of-Production | Depreciation based on actual usage or output relative to total estimated capacity |
| Salvage (Residual) Value | Estimated value of asset at end of useful life |
| Useful Life | Period over which the asset is expected to provide economic benefits |
| Component Depreciation | Depreciating each significant component of an asset separately; required under IFRS |
| Intangible Asset | Non-monetary asset without physical substance; identifiable and controlled by entity |
| Finite-Life Intangible | Intangible asset with determinable useful life; amortized over that life |
| Indefinite-Life Intangible | Intangible asset with no foreseeable limit to its useful life; not amortized, tested for impairment |
| Amortization | Systematic allocation of an intangible asset’s cost over its useful life |
| Goodwill | Unidentifiable intangible asset from business combination; purchase price minus fair value of net assets |
| Impairment | Write-down when carrying amount exceeds recoverable amount (IFRS) or fair value (US GAAP) |
| Recoverable Amount | IFRS: higher of fair value less costs to sell and value in use |
| Value in Use | Present value of expected future cash flows from continuing use of the asset |
| Revaluation Model | IFRS model allowing PPE/intangibles to be carried at fair value; not permitted under US GAAP |
| Held for Sale | Asset to be disposed of; carried at lower of carrying amount or fair value less costs to sell |