Is there any changes and revision in Accounting Standards issued by ICAI after Dec'2006.
Please Reply soon
Accounting standard
Hitesh Jain (CA Final year student) (92 Points)
02 June 2008
4 Replies
CA Chaitanya
(PRACTISING CA)
(4283 Points)
Replied 02 June 2008
Ya there are changes. Accounting Standards Rules 2006 were issued by the Central government and the corresponding changes were made to the accounting standars regarding their applicablity and certain accounting standard interpretations.
NANDURI RAVI SURYA NARAYANA MU
(ACCOUNTANT)
(194 Points)
Replied 03 June 2008
Please clarify my doubt any body can accumulated depreciation on Fixed Assets. Can negitive balance comes
Manmohan Sharma
(28 Points)
Replied 04 June 2008
Mr. Ravi,
A Fixed Asset can not have a negative balance at all as it is cost of the assets which is to be depreciated over the useful life of the asset.
Hence in any case accumulated depreciation can not exceed the cost itself, resulting in to the negative carrying balance of the aset.
Hope your query is resolved.
Thanks
Manmohan Sharma
Mohit Mangal
(CA, CA practise)
(38 Points)
Replied 06 June 2008
No, the accumulated deprection on any fixed assets can't be exceed from the original cost (historical cost) of that fix asset.
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