Property, Plant and Equipment Estimated useful life in years
IT Equipment-Hardware 5
Library Books 5
Machineries and Equipment
Machineries 10
Agricultural, Fishery and Forestry 10
Airport Equipment 10
Communication Equipment 10
Construction and Heavy Equipment 10
Firefighting Equipment and Accessories 7
Hospital Equipment 10
Medical, Dental and Laboratory Equipment 10
Military and Police Equipment 10
Sports Equipment 10
Technical and Scientific Equipment 10
Other Machineries and Equipment 10
Transportation Equipment
Motor Vehicles 7
Trains 10
Aircraft and Aircraft Ground Equipment 10
Watercrafts 10
Other Transportation Equipment 10
Other Property, Plant and Equipment 5
*The estimated useful life shall depend on the length of the lease. It shall be
the period of the lease or the estimated useful life of the assets, as given,
whichever is shorter.
The LGU derecognizes items of property, plant and equipment and/or any
significant part of an asset upon disposal or when no future economic benefits
or service potential is expected from its continuing use. Any gain or loss arising
from derecognition of the asset (calculated as the difference between the net
disposal proceeds and the carrying amount of the assets) is included in the
surplus or deficit.
Public Infrastructures are recognized in the books as Property, Plant and
Equipment, in compliance with the PPSAS.
3.10 Financial liabilities
The LGU’s financial liabilities include payables and borrowings which the City
is committed to pay for goods or services received. It also includes amounts
entrusted/withheld from outside sources/offices and personnel for which the City
is acting as a trustee or administrator.
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