Accelerated Cost Recovery System - ACRS

What does it Mean? A system of depreciation introduced by the Economic Recovery Tax Act of 1981. ACRS depreciation is based on recovery periods instead of useful life. These periods were predetermined by the IRS.
Investopedia Says... The modified accelerated cost recovery system (MACRS) replaced ACRS for property placed into service after 1986.

Terms Related Links

Adjusted Basis
Adjusted Cost Base
Declining Balance Method
Depreciation
Internal Revenue Service - IRS
Modified Accelerated Cost Recovery System - MACRS
Tax Reform Act of 1986
Useful Life

Terms Related Links
Accounting Rules Could Roil The Markets - FAS 142 is an accounting rule that changes the way companies treat goodwill. Be aware of the impact it has on reported earnings to avoid making bad investment decisions.

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What are the generally accepted accounting principles for inventory reserves?

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