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Insurance Spare Classification

Md Saquib (1 Points)

21 September 2020  

What are the procedure for classification of Insurance spare.

1. Mainly about the parameter which we select for differentiation and what are the limits we set for the same??

Need answer on urgent basis.

Thanking you in advance.

Regards, Md Saquib

 


 1 Replies

yasaswi gomes (My grammar is 💯 good I)   (6622 Points)
Replied 21 September 2020

Items such as spare parts, stand-by equipment and servicing equipment are recognised in accordance with this Ind AS 16 when they meet the definition of property, plant and equipment. Otherwise, such items are classified as inventory.

https://www.mca.gov.in/Ministry/pdf/INDAS16.pdf


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