banner_ad

Applicable Ind AS?

Others 327 views 6 replies
User Avatar

378 Points Posted on 12 January 2021
1. Company engaged in large scale manufacturing and renting of machinery. Which Ind AS will apply to this machinery.

2. Above company purchases 1 Lacs Screws for Rs.10 crore at Rs. 1000 each. This screws are used in Machinery manufacturing. Which Ind As shall apply in this cas
0 Reply Share Follow
On 12 January 2021 at 17:47 Report
Replies (6)
User Avatar

Chartered Accountant
24588 Points Posted on 12 January 2021
For renting of machinery Ind AS 116 Leases will applicable

If company takes loan for purchase then Ind AS 23 Borrowing will applicable otherwise Ind AS 2 Inventory will be applicable
Reply
On 12 January 2021 at 18:05
User Avatar

378 Points Posted on 12 January 2021
I mean what this machinery and Screws will be considered it can't be considered as inventory as it's not for sale. Only is its is for regular sale then it will be covered Under Ind as 2
Reply
On 12 January 2021 at 18:30
User Avatar

Chartered Accountant
24588 Points Posted on 12 January 2021
You should apply ind as 116
Reply
On 12 January 2021 at 18:58
User Avatar

378 Points Posted on 12 January 2021
Based on my question let me know is Machinery & Screws are inventory or Investment property or PPE???
Reply
On 12 January 2021 at 19:26
User Avatar

My grammar is 💯 good I
7301 Points Posted on 12 January 2021

If it is held as inventory (stocked in warehouse for future use) it is IndAS 2, or else it is IndAS 16

Reply
On 12 January 2021 at 19:49
User Avatar

Chartered Accountant
24588 Points Posted on 12 January 2021
Yes you can held it under IndAS 16 also under PPE
Reply
On 12 January 2021 at 21:03


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!

Leave a Reply

Post Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Recent Topic

More recent discussions | Post

Related Topics
Loading

Latest Job Openings

View all
Company
ARTICLESHIP 15 May 2026
ARTICLE ASSISTANT, TRAINEE AND PAID ASSISTANT

YOGESH KAPOOR AND ASSOCIATES

New Delhi

B.Com

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details