26 August 2020
We have sent one defect (earlier imported) item to foreign supplier for repair under GR Waiver. Repair cost runs in to Euro 1. 70 Lakhs upwards- definitely giving this a new life. Whether this is expensed to P & L Account or be capitalised? AS 10 -ICAI Guideline, ((IAS-16--directly attributable costs--here must be additional probable future economic benefit associated with this subsequent expenditure that will flow to the entity.) Kindly guide, Regards, Jayanta Bandyopadhyay
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