Accounting standard as 10, accounting for fixed assets, which are proposed primarily to i improve accounting for fixed assets during their construction period. Icai is established under the chartered accountants act, 1949 act no. The old as 6 depreciation and as 10 fixed assets have been removed. As accounting for investments best summary notes icai. On 10 april 2015, the institute of chartered accountants of india icai has issued an application guide to address certain practical issues arising in the implementation of the schedule ii to the companies act, 20 20 act relating to depreciation of the assets. Fundamentals of accounting icai the institute of chartered. As10 accounting for fixed assets indian accounting. Fixed assets institute of chartered accountants of india.
Wasting assets including mineral rights, expenditure related to exploring and extracting minerals, oil, gas and similar nonregenerative resources. Download icai guidance note on fixed assets file in pdf. Accounting for common fixed assets constructed for a. Hope this article will help you to check the details of as 12 accounting for government grants summary pdf. As 6 depreciation accounting notes ppt icai superprofs. Amendment to as 2, 4, 6, 10, 14, 21 and 29 issued by the institute of chartered accountants of india applicable to noncorporate entities, pursuant to issuance of amendments to accounting standards by the mca 1. As 10 accounting for fixed assets was issued in 1985 by icai does not deal with accounting of following items forests, plantations and similar regenerative natural resources. The icai clarified that assets held under a finance lease and owned assets of similar nature and use should be classified as one class of assets and revaluation principles would apply to the entire class of assets. One such major amendment is in accounting standards as. Amendment to as 2, 4, 6, 10, 14, 21 and 29 issued by the institute of chartered accountants of india, pursuant to issuance of amendments to accounting standards by the mca september 2016 accounting standards withdrawn vide 360th meeting of the council held on november 79, 2016. As per revaluation model, once the asset is recognized and its. Contractor agrees to a fixed contract the contractor is reimbursed price or fixed rate per unit of output, for allowable or otherwise. Ind as 105 non current assets held for sale and discontinued operations. As 9 revenue recognition revised summary notes pdf.
Wasting assets including mineral rights, expenditure related to exploring and extracting minerals, oil. Treatment of deferred tax asset in respect of excess provision for doubtful advances and doubtful claims. As 10 accounting for fixed asset has the following guidelines with regard to fixed asset. As10, accounting for fixed assets as issued by icai. Fixed assets the heading fixed assets, under which the tangible and intangible assets were grouped caused a nomenclature mismatch between the accounting standards and the balance sheet, since the as name fixed asset, i.
Accounting treatment of share application money pending for allotment invested by holding company in subsidiaries. This standard deals with accounting for government grants. As 10 accounting for fixed assets as 11 the effects of changes in foreign. S 10 property,plan and equipment has been issued by icai, you can read summary note on revised accounting standard 10 and icai copy of revised a. The objective of accounting standard as 10 property, plant and equipment. In many enterprises these assets are grouped into various categories, such as land, buildings, plant and machinery, vehicles, furniture and fittings, goodwill, patents, trade marks and designs. Amendment to as 2, 4, 6, 10, 14, 21 and 29 issued by the institute of.
Such revenue means revenue as disclosed in scheduled iii to the companies act, 20 and includes revenue from discontinuing operation. Property, plant and equipment are tangible items that. It is expected to be used for more than one accounting period. Recognition of distribution network acquired in a business acquisition as an intangible asset. Archives icai the institute of chartered accountants of india. This accounting standard includes paragraphs set in bold italic type and plain type, which have. Icai the institute of chartered accountants of india.
Determining the cost of a fixed asset the gross book value of an asset is the historical cost or the cost at which the asset is actually acquired. As 10accounting for fixed assets was issued in 1985 by icai does not deal with accounting of following items forests, plantations and similar regenerative natural resources. As 12 accounting for government grants summary pdf icai. In addition, reporting by the pamf to the finance and resources committee is clear, timely and supports effective decision making in respect of fixed assets. As 6 depreciation accounting notes ppt icai by team superprofs jul 21, 2017 in previous post we have given download all accounting standards for ca,cwacma,cs exams and as 2 valuation of inventories revised notes. Paragraphs in bold italic type indicate the main principles. Hope this article will help you to check the details of as accounting for investments best summary notes.
Today we are providing complete details of accounting standard 9 revenue recognition. As 10, accounting for fixed assets, was initially issued in vide plant and equipment, will be covered as per as 10 revised, property. In the previous article, we have given as 17 segment reporting and as 18 related party disclosures. Hence, this update becomes important for ipcc paper 1 accounting, as well as final paper 1 financial reporting. In the previous articles, we have given as 6 depreciation and as 10 fixed assets. Guidance note on accounting for fixed assets gasab. As 29, provisions, contingent liabilities and contingent assets. Amendment to as 2, 4, 6, 10, 14, 21 and 29 issued by the. The cost of a selfconstructed asset is determined using the same principles as for an acquired asset. Under the icai s arrangement with ifrs foundation, the ifrs support materials are accessible only to website visitors with indian ip addresses. Educational material on ind as 16, property, plant and. Financial statements disclose certain information relating to fixed assets.
In certain circumstances, the accounting for an item of fixed asset may be improved if the total expenditure there on is allocated to its component parts, provided they are in practice separable, and estimates are made of the useful lives of these components. Accounting standard as 10 property, plant and equipment this accounting standard includes paragraphs set in bold italic type and plain type, which have equal authority. S 10 property,plan and equipment has been issued by icai, you can read. Though the effect of depreciation was mentioned in as 2 accounting for inventories as 26 intangible assets. Navigating the triangle ind as, indian gaap and icds. Their place has been taken by the revised as 10 property, plant and equipment. Similarly, the same asset may be classified differently in an enterprise at different points of time. Indian accounting standards icai the institute of chartered. The objective of accounting standard as 10 property, plant and equipment is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment. The useful life of an asset is the period over which an asset is expected to be available for use by an entity, or the number. Share this article as 12 accounting for government grants summary pdf to your friends who are studying ca, cma and cs.
Rates of depreciation on various assets involved in mass rapid transport system. This publication has therefore, a wider usage and appeal. Member card trace a member list of firms as on 1st april 2018. Today we are providing the complete details of accounting standard 28 impairment of assets i. As 10 covered only tangibles while intangibles were covered under as 26. Segment reporting for sale of power to the state grid. You have reached this page because the ip address through which you have sought access is not recognised as an indian address. Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, etc. Share this article as accounting for investments best summary notes to your friends who are studying ca cma and cs. This difference will result in earlier recognition of contingent income for tax purposes as compared to financial reporting purposes. Construction contract can be fixed price contract or a cost plus contract. As 10 accounting for fixed assets revised notes icai. Some heritage assets have service potential other than their heritage.
Navigating the triangle ind as, indian gaap and icds 7. Accounting and auditing update aau, we are starting. Accounting standard 10 property, plant and equipment. The council of the institute of chartered accountants of india icai at its 359th meeting held on august 1617. Accounting standard on accounting for fixed assets has now been deprecated. Accounting standard as 10 property, plant and equipment. Depreciation accounting using componentisation approach. Moumrajoint declarations signed with foreign bodies. As 10 accounting for fixed assets accounting standards. Accounting for fixed assets impact of schedule ii of the. S 10 fixed assets, now revised accounting standard 10 propert,plant and equipment ppe. Accounting standard 15 employee benefits summary notes pdf. Asi 2, accounting for machinery spares as 2,valuation of inventories and as 10, accounting for fixed assets.
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