Accounting Standard 10
Exposure Draft
Accounting Standard (AS) 10 (revised)
Tangible Fixed Assets
(Last date for Comments: February 28, 2006)
The Institute of Chartered Accountants of India
Issued by Accounting Standards Board
Exposure Draft
Revised AS 10, Tangible Fixed Assets
Contents
INVITATION TO COMMENT [Exposure Draft] Accounting Standard AS 10 (revised)
Pages 4-5
Tangible Fixed Assets
OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial Costs Subsequent Costs MEASUREMENT AT RECOGNITION Elements of Cost Measurement of Cost MEASUREMENT AFTER RECOGNITION Cost Model Revaluation Model Depreciation Depreciable amount and depreciation period Depreciation method Impairment Paragraphs 1 2-5 6 7-15 11-12 13-15 16-30 17-23 24-30 31-66 32 33-43 44-63 49-60 61-63 64
2
Compensation for Impairment DERECOGNITION DISCLOSURE TRANSITIONAL PROVISIONS APPENDICES A. B. Comparison with IAS 16, Property, Plant and Equipment
65-66 67-71 72-78 79-83
Major Differences between the Exposure Draft of revised AS 10, Tangible Fixed Assets, and pre-revised AS 10, Accounting for Fixed Assets (1985) and AS 6, Depreciation Accounting (1994)
3
INVITATION TO COMMENT
The Accounting Standards Board of the Institute of Chartered Accountants of India invites comments on any aspect of this Exposure Draft of the revised Accounting Standard (AS) 10, Tangible Fixed Assets. The Board would particularly welcome answers to the questions set out below. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi – 110 002, so as to be received not later than February 28, 2006. Comments can also be sent by e-mail at edcommentsasb@icai.org org
Accounting Standard (AS) 10 (revised)
Tangible Fixed Assets
(Last date for Comments: February 28, 2006)
The Institute of Chartered Accountants of India
Issued by Accounting Standards Board
Exposure Draft
Revised AS 10, Tangible Fixed Assets
Contents
INVITATION TO COMMENT [Exposure Draft] Accounting Standard AS 10 (revised)
Pages 4-5
Tangible Fixed Assets
OBJECTIVE SCOPE DEFINITIONS RECOGNITION Initial Costs Subsequent Costs MEASUREMENT AT RECOGNITION Elements of Cost Measurement of Cost MEASUREMENT AFTER RECOGNITION Cost Model Revaluation Model Depreciation Depreciable amount and depreciation period Depreciation method Impairment Paragraphs 1 2-5 6 7-15 11-12 13-15 16-30 17-23 24-30 31-66 32 33-43 44-63 49-60 61-63 64
2
Compensation for Impairment DERECOGNITION DISCLOSURE TRANSITIONAL PROVISIONS APPENDICES A. B. Comparison with IAS 16, Property, Plant and Equipment
65-66 67-71 72-78 79-83
Major Differences between the Exposure Draft of revised AS 10, Tangible Fixed Assets, and pre-revised AS 10, Accounting for Fixed Assets (1985) and AS 6, Depreciation Accounting (1994)
3
INVITATION TO COMMENT
The Accounting Standards Board of the Institute of Chartered Accountants of India invites comments on any aspect of this Exposure Draft of the revised Accounting Standard (AS) 10, Tangible Fixed Assets. The Board would particularly welcome answers to the questions set out below. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi – 110 002, so as to be received not later than February 28, 2006. Comments can also be sent by e-mail at edcommentsasb@icai.org org