This statement contains accounting standards for Federally owned property, plant, and equipment (PP&E); deferred maintenance on PP & E; and cleanup costs. Each standard is summarized : PROPERTY, PLANT, AND EQUIPMENT
The Federal Government’s investment in PP & E exceeds $1 trillion [SEE NOTE 1] PP & E used for many different purposes. “PP & E” is defined as follows: Tangible assets that (1) have an estimated useful life of 2 or more years, (2) are not intended for sale in the ordinary course of business, and (3) are intended to be used or available for use by the entity.
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