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accounting treatment of long lived assets

CA Vikas Agrawal (Chartered Accountant ( Job)) (109 Points)

12 February 2008

1.what method of depreciation should be used for long lived assets?

2. How the revalution and impairment of long lived assets shold be done ?

3.how the internal generated intangible should be recognised ?

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Kaustuv (Practicing CA) (1778 Points)
Replied 12 February 2008

I guess this questions are based particularly on FAS 144. In India, we don't have the concept of long lived assets i.e, non-current or fixed assets in our case.. here we will go by the guidance of AS 6,10,28 and 26 for respectivel depreciation, revaluation, impairment and intangible assets..please refer to FAS 144 for further discussions on this subject..