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Revised schedule vi

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(Querist)
18 October 2012 In Case of Store & Spare parts(Inventories) brought forward from more than 5 years whether to be shown as Non Current Assets, whether provision for obsolence is necessary??
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Gurcharan

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Gurcharan (Expert)
19 October 2012 The stores and spares parts inventories should be treated as current items as these are available for use at any time. This will not change the status even if these have been held for a longer period of time. However, the entity must assess the obsolecence of such items and comply with the AS -2 i.e. these should be valued at cost or NRV whichever is lower. If these are fully obsolete, these should be wtritten off in the profit and loss account.
Hope it helps.
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