Accounting for fixed assets
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2013
According to Para 9.4 of AS 10- Accounting for Fixed Assets, expenses (other than borrowing cost) incurred between the period of date of completion of construction of asset and date of commencement of commercial production can be deferred for a period not exceeding 3-5 years.
But the concept of deferred revenue expenditure does not exist right now.
So, whether the aforesaid deferment is possible?
But the concept of deferred revenue expenditure does not exist right now.
So, whether the aforesaid deferment is possible?
02 August 2013
With the introduction of AS 26 deferred revenue expenditure is virtually abolished.
Since AS 26 is a standard issued later than AS 10, AS 26 overrides AS 10 in case of contradiction.
Also to make this interpretation clear, ICAI has issued a Proposed revision to remove the second sentence in Para 9.4
So deferment is not possible
Since AS 26 is a standard issued later than AS 10, AS 26 overrides AS 10 in case of contradiction.
Also to make this interpretation clear, ICAI has issued a Proposed revision to remove the second sentence in Para 9.4
So deferment is not possible
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Depreciation of fixed assets- coop housing society in mumbai
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Management System (IMS)
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- TDS Return Q1 FY 2026-27
- DIN reactivation
- Rental income gst and it purpose
- Reopen of assessment proceeding
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
