# ASC 360-958-05: Property, Plant, and Equipment — Not-for-Profit Entities — 05 Overview and Background

Source: FASB Accounting Standards Codification, Basic View

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## ASC 360-958-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/360/958/#05-overview-and-background)

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##### [360-958-05-1](https://asc.understandingaccounting.org/asc/360/958/#360-958-05-1)

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This Subtopic provides guidance about long-lived tangible assets held by [not-for-profit entities](https://asc.understandingaccounting.org/glossary/n/#not-for-profit-entity "An entity that possesses the following characteristics, in varying degrees, that distinguish it from a business entity: Contributions of significant amounts of resources from resource providers who do not expect commensurate or proportionate pecuniary return Operating purposes other than to provide goods or services at a profit Absence of ownership interests like those of business entities. Entities that clearly fall outside this definition include the following: All investor-owned entities Entities that provide dividends, lower costs, or other economic benefits directly and proportionately to their owners, members, or participants, such as mutual insurance entities, credit unions, farm and rural electric cooperatives, and employee benefit plans.") (NFPs). It includes standards of financial accounting and reporting that require all NFPs to recognize the cost of using up long-lived tangible assets—depreciation—in financial statements.