AS Accounting for Fixed. Assets. CA Final Course Paper 1 Financial. Reporting Chapter 1Unit Page 2. Contents. Introduction. Definitions. AS 10, Accounting for Fixed Assets, was initially issued in vide Plant and Equipment, will be covered as per AS 10 (Revised), Property. AS 10 Property, Plant and Equipment prescribe the accounting treatment for properties, P&E (Plant and Equipment) so that the users of.

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AS 10 Property, Plant and Equipment

Plans start from Rs. File all GST returns for your clients with automated data reconciliation – No download required. Updated on Oct 12, – It is also important to note that AS 6 — Accounting for Depreciation stands withdrawn and such matters related to depreciation is included in AS In this article we cover the following topics: According to the cost model, after recognizing icqi asset as an item of property or plant and equipment, it should be carried at the cost less the accumulated depreciation and the accumulated impairment losses if any.


As per revaluation model, once the asset is recognized and its fair sa10 could be measured reliably, then it must be carried at the revalued amount, which is the fair value of such asset at the date of the revaluation as reduced any following accumulated depreciation and accumulated impairment losses if any. Depreciable amount of any asset should be allocated on a methodical basis over the useful life of the asset.

The standard also prescribes, that the residual value and useful life of an asset must be reviewed at the end of each financial year and, in case the expectations vary from the previous estimates, changes must be accounted for as changes in accounting estimate as per Accounting Standard 5 — Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies. The method of depreciation employed must reflect iccai pattern of future economic benefits of the asset consumed by an enterprise.


Various depreciation methods could be used for allocating the depreciable amount of an asset on a methodical basis over the useful life of the asset.

AS 10 Property, Plant and Equipment

The methods include SLM Straight-line Methoddiminishing balance method or units of production method. Paid E-filing by Expert CAs. How to file GST Returns? Log In Sign Up. No software installation required Kcai and Secure.

FREE software to e-file tax return of your clients. AS 10 deals with accounting for assets held for sale and items of fixed assets retired from active use.