Revised schedule vi
This query is : Resolved
17 October 2011
According to the new fomat of Revised Schedule VI,under what conditions Inventories will be classified as "Other Non-Current Assets" ?
17 October 2011
An asset shall be classified as current when it satisfies any of the following criteria:
1.it is expected to be realised in or is intended for sale or consumption in the normal operating cycle.
2.It is held primarily for the purpose of being traded.
3.It is expected to be realised within 12 months of reporting date.
4.It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for atleast 12 months after the reporting date.
All other asset will be classified as non-current.
1.it is expected to be realised in or is intended for sale or consumption in the normal operating cycle.
2.It is held primarily for the purpose of being traded.
3.It is expected to be realised within 12 months of reporting date.
4.It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for atleast 12 months after the reporting date.
All other asset will be classified as non-current.
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