Property Plant and Equipment-Proceeds before Intended Use. ICAI invites comments on proposed amendments to IAS-16 that prohibits adjustment of proceeds from cost of the asset
Introduction
In this Exposure Draft, the International Accounting Standards Board (Board) proposes to amend IAS 16 Property, Plant and Equipment. The amendments would prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity would recognise those sales proceeds in profit or loss.
Invitation to comment
ASB invites comments on the Exposure Draft from the public. The downloadable version is available at: http://resource.cdn.icai.org/45787asb35929.pdf
How to comment
Comments should be submitted using one of the following methods, so as to be received not later than August 31, 2017.
1. Electronically: | Visit at the following link (Preferred method): http://www.icai.org/comments/asb/ |
2. Email: | Comments can be sent to: commentsasb@icai.in |
3. Postal: | Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110 002 |
Further clarifications on this Exposure Draft may be sought by e-mail to asb@icai.in
----------- Similar Posts: -----------In absence of mala fide intention bank should not be treated as assessee in default for late deduction and deposit…
Whether bank account was fraudulently open in the name of assessee is question of fact. High Court declined to entertain…
SBI Concurrent Auditor Empanelment of Chartered Accountant Firms for FY 2024-25 SBI Concurrent Auditor Empanelment of CA Firms for FY…
Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants In 2015, the Ministry of Corporate Affairs…
Trade Tax Department was unjustified in retaining refund beyond stipulated period and adjusting it against default notices issued subsequently. In…
Notice issued u/s 143(2) prior to filing of return of income by the assessee was invalid. Before filing ITR provisions…