Gross Block of assets
This query is : Resolved
10 August 2026
Where the balance sheet of a non-corporate entity has historically carried fixed assets only at written-down value and no separate record of original cost or accumulated depreciation exists, what value to be mentioned in schedule Properties, Plant and equipment and intengible assets which requires gross block of assets and depreciation ?
10 August 2026
Gross Block: If original cost cannot be reconstructed from historical tax audit reports or old invoices, disclose the existing WDV as the Gross Block.
Accumulated Depreciation: Report as Nil or adjust based on available tax block records.
Mandatory Action: Always add an explanatory note in the financial statements clarifying that assets were historically maintained solely on a WDV basis.
Accumulated Depreciation: Report as Nil or adjust based on available tax block records.
Mandatory Action: Always add an explanatory note in the financial statements clarifying that assets were historically maintained solely on a WDV basis.
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