Assertion: spare part | /r/HasProperty | treated as asset
Facets:
value: till date
type: TEMPORAL
value: as per revised accounting standard
type: MANNER
Source sentences:
text: Any spares which are treated as assets as per revised accounting standard 10, property plant & equipment shall be depreciated as per the provisions contained under this standard only as the new standard merges AS-6 'Depreciation Accounting' with the PPE itself.
text: This is the major transformation from old AS, since the spares which were considered as inventory till date would also be subject to depreciation.
text: The first major issue with spare parts is to determine whether they are considered as “inventories” and thus accounted for under IAS 2 Inventories, or they are considered as “property, plant and equipment” and thus accounted for under IAS 16 Property, Plant and Equipment.
text: The first major issue with spare parts is to determine whether they are considered as “inventories” and thus accounted for under IAS 2 Inventories, or they are considered as “property, plant and equipment” and thus accounted for under IAS 16 Property, Plant and Equipment.