Amit Mall 01 October 2018
Under IndAs 115, Service Concession Agreement, an asset earlier classifed as PPE is to be classified as intangible or financial asset. However, in case the ppe asset is reclassified as financial asset, the earlier available depreciation benefit is lost and consequently higher tax needs to be paid. Is there any exemption to this? How can a company take hit due to such transition in reporting?