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
Menu
Insurance Spare Classification
Replies (1)
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
Recent Topic
- Startup exit in Sept 2025: Can I still save LTCG t
- Need advice
- GST registration
- Tax Refund timeline
- Is Form 10E applicable for Notice Pay received in
- INCOME RECEIVED FROM COMPANY FOR ELECTRIC POLLS
- ITR Processing By CPC Now Super Fast - Much apprec
- Abroad Jobs
- Professional Income in 44AD
- Presumptive taxation
Related Topics
CAclubindia
