Search results
Results from the WOW.Com Content Network
The National Heritage act is a Republic Act which created the Philippine Registry of Cultural Property and gave ultimate power to the National Museum of the Philippines. The Local Government Code is a Republic Act which required the national government to collaborate with local governing bodies when preparing to damage land.
The Philippine Registry of Cultural Property, abbreviated as PRECUP (Filipino: Patalaan ng mga Ari-ariang Kultural ng Pilipinas), is a national registry of the Philippine Government used to consolidate in one record all cultural property that are deemed important to the cultural heritage, tangible and intangible, of the Philippines. [1]
The act defines "cultural property" as "all products of human creativity by which a people and a nation reveal their identity, including churches, mosques and other places of religious worship, schools and natural history specimens and sites, whether public or privately-owned, movable or immovable, and tangible or intangible."
For example, if you purchase a rental property for $500,000, you can depreciate the cost of the physical property. If the value of the land is $50,000, you can depreciate the remaining $450,000.
In accounting, amortization is a method of obtaining the expenses incurred by an intangible asset arising from a decline in value as a result of use or the passage of time. Amortization is the acquisition cost minus the residual value of an asset, calculated in a systematic manner over an asset's useful economic life.
Intangible cultural property- peoples' learned processes along with the knowledge, skills and creativity that inform and are developed by them, the products they create and the resources, spaces and other aspects of social and natural context necessary for their sustainability [1]
IAS 16 applies to property, plant and equipment (PPE). The standard itself defines PPE as "tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and are expected to be used during more than one [accounting] period."
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!