AS-6 & AS-10 is not applicable to wasting assets hence how shall such assets be treated in the books of accounts in respect of depreciation and asset valuation ?
1 Replies
Amir
(Learner)
(4016 Points)
Replied 31 December 2009
Hi Selu,
Depreciation in case of wasting Assets is termed as "WRITING OFF or AMORTIZATION"
Valuation of Wasting Assets will remain on HISTORICAL COST CONVENTION (NET OF WRITING OFF or AMORIZATION)
AMORIZATION WILL BE DONE ON SOME SCIENTIFIC BASIS Like IN CASE of mines,etc on the basis of estimation of reserves
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