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Component accounting -fixed asset
What if a private limited company is not following component accounting? Is there any reporting required by auditor for the same?
Replies (2)
it depends whether Ind AS are applicable on the company or not.If Ind AS applicaple then reporting is requirED,otherwise not.
Component accountingis not compulsory. It you are no table to distinguish various components of a fixed asset, component accounting may not be necessary. The management has to decide in this regard how the books are required to be prepared.
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