Accounting standard issue

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2015 I am in a confusion whether One AS overrule another AS if both AS is applicable for the company?

The question is arise because of contradiction of Accounting treatment mentioned in the both AS referred above.

Amol S Joglekar

Amol S Joglekar (Expert)
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12 June 2015 Can you plase elaborate your query by quoting the business of company as well as the said AS?

Querist : Anonymous

Querist : Anonymous (Querist)

12 June 2015 It is related to Accounting Standard -28 , Impairment of Asset and Accounting Standard -10, Accounting for Fixed Assets.

In which revaluation of asset(AS-10) upto the Recoverable amount(not Defined) of such asset and Impairment of loss on such asset (AS-28) can also be done Which is a difference of Carrying Amount and Recoverable Amount(Higher of Net Selling Price & Value in Use)

Amol S Joglekar

Amol S Joglekar (Expert)
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13 June 2015 ok. Now thew business of the company and your exact situation......may be hypothetical... no issues

Tell me where you are finding the contradiction?

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