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
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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
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