AS 16 Borrowing Costs
This query is : Resolved
Kishen K Warrier
(Querist)
22 December 2008
Is Land a Qualifying asset as per AS 16.
Has the council of ICAI issued any expert opinion on this regard
Has the council of ICAI issued any expert opinion on this regard
22 December 2008
no, it is not qualifying asset as does not take substantial period to built.
Kishen K Warrier
(Querist)
22 December 2008
Suppose, in a certain case, land should be kept for a substantial period of time to make it ready for a certain purpose.Then, will land become a qualifying asset?
22 December 2008
no kishen. land is as such usable and does not take substantial time to become usable and salable hence it can not become a QA.
what plea you are giving for making it a qualifying asset?
what plea you are giving for making it a qualifying asset?
Kishen K Warrier
(Querist)
31 December 2008
In case of Real Estate developers time is required to prepare land,dividing into plots,piling etc.In this case will land become a qualifying asset
Similarly in case of agricultural operations,land needed to be kept for getting ready for cultivation
Considering these specific cases is land a qualifying asset
Similarly in case of agricultural operations,land needed to be kept for getting ready for cultivation
Considering these specific cases is land a qualifying asset
CA. Amit Daga
(Expert)
28 November 2009
How land can be qualifying assets. Once you will buy the land its your assets only
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