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Capitalization of assets

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 May 2012 Dear Experts

What is the basic criteria for capitalization of assets?
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CA CS Amit S. Kedia

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CA CS Amit S. Kedia (Expert)
13 May 2012 The asset shall be capitalised in the books if, and only if:-
(a)it is probable that future economic benefits associated with the item will
flow to the entity; and
(b)the cost of the item can be measured reliably.

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