Decommissioning costs represent the expenditures associated with ending an operation or activity, which might include dismantling infrastructure such as an oil rig and restoring the affected environment.
Machinery and plant refer to various types of equipment and fixtures used for manufacturing and industrial purposes. These assets are key components in business operations, typically classified under fixed assets on the balance sheet.
Plant and equipment, often referenced as property, plant, and equipment (PP&E), are long-term assets essential to manufacturing, production, and operations. It includes real estate, machinery, vehicles, and significant fixtures integral to the business.
In tax law, plant and machinery refer to the equipment required to operate a business, qualifying for capital allowances which facilitate tax deductions on business investments in these assets.
