25 November 2010
Please consider the following points:
1)classify the assests into tangibe & intangible assets 2)Major Assets & categories can be availed from the Schedule of Depreciation or Scheduel VI of the companies act 3)Please ensure that if you are purchasing the asset by taking the loan then the treatment of AS-16 is properly given. 4)In case the assets are or will be purchased in foreign currency then the treatment of AS-10 is properly given. 5)while ERP implementation please check whether the revaluation entries are properly passed. 6)Assets purchase for more than/less than 180 days bifurcation should be done by ERP system since the same is necessary for depreciation purpose.
CAclubindia
