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?
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Service concession agreement under ind as 115
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You have a choice for retrospective application or prospective application.
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