What is accounting for plant assets?

Plant assets are costs that include all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use, (Wild, Shaw & Chippetta, 2009). Some of the costs are land, land improvement, buildings, machinery, equipment and lump sum purchases. Plant assets are different from other assets for a couple reasons. One is that they are used in the companies operations. Another difference is that they are used over several accounting periods.