Accounting standards
R. Meenakshi (Practice) (64 Points)
27 April 2016
Is there any changes in AS- 6 Depreciation accounting and AS - 10 Fixed assets
R. Meenakshi (Practice) (64 Points)
27 April 2016
CA Hemant Jain
(Job)
(139 Points)
Replied 27 April 2016
Yes,
The Ministry of Corporate Affairs (MCA) has notified new Accounting Standard (AS) 10, 'Property, Plant and Equipment' in line with Ind AS 16, 'Property, Plant and Equipment'. Newly notified AS 10, 'Property, Plant and Equipment'(hereinafter referred as 'new AS 10') provides guidance on accounting for property, plant and equipment including accounting for deprecation thereon. So, it will replace AS 10, 'Accounting for Fixed Assets' (hereinafter referred as 'old AS 10') and AS 6, 'Depreciation Accounting' shall be omitted. New AS 10 shall come into force as on 30thMarch, 2016.
Apart from notification of new AS 10, MCA has also notified slight amendments to following ASs:-
(i) AS 2, 'Valuation of Inventories
(ii) AS 4, 'Contingencies and Events Occurring After the Balance Sheet Date'
(iii) AS 14, 'Accounting for Amalgamations'
(iv) AS 21, 'Consolidated Financial Statements'
(v) AS 29, 'Provisions, Contingent Liabilities and Contingent Assets'
Please refer attached file of Notification
CA Hemant Jain
(Job)
(139 Points)
Replied 27 April 2016
Also refer below link for applicability of amended standards
/news/applicability-of-accounting-standards-amended-by-mca-15447.asp
Biswas Sharma
(Article Assistance)
(84 Points)
Replied 27 April 2016
CAclubindia
