After completing this course, you will be able to account for the initial costs of property, plant, and equipment (PPE); determine the assets qualifying for interest capitalization and calculate the amount of interest cost to be capitalized; distinguish between subsequent expenditures for PPE that should be capitalized and those that should be expensed as incurred; apply the straight-line depreciation method for allocation of the historical cost of PPE; determine when an item of PPE should be tested for impairment and calculate the impairment loss; account for an exchange of nonmonetary assets and for property dividends; calculate periodic depletion; account for changes in accounting estimates and error corrections in relation to PPE; and recognize the main differences between U.S. GAAP and IFRS in relation to PPE.