Accounting standard
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 April 2013
sir i want to know the date on which fixed asset (i.e. building) is to be recognised as fixed asset in the book ? whether on the date on which it is ready to use or the date when it is put to use ? plz clarify the same in light of accounting standards and guidance note if any issued ?
01 July 2013
First you put the amount spent on construction as WIP and once it is ready for use transfer the same to the proper head
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