Revised schedule vi
This query is : Resolved
17 October 2011
According to the new fomat of Revised Schedule VI,under what conditions Inventories will be classified as "Other Non-Current Assets" ?
17 October 2011
An asset shall be classified as current when it satisfies any of the following criteria:
1.it is expected to be realised in or is intended for sale or consumption in the normal operating cycle.
2.It is held primarily for the purpose of being traded.
3.It is expected to be realised within 12 months of reporting date.
4.It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for atleast 12 months after the reporting date.
All other asset will be classified as non-current.
1.it is expected to be realised in or is intended for sale or consumption in the normal operating cycle.
2.It is held primarily for the purpose of being traded.
3.It is expected to be realised within 12 months of reporting date.
4.It is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for atleast 12 months after the reporting date.
All other asset will be classified as non-current.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- Tds on building rent monthly
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
