Whether Profit/loss on sale of fixed asset is timing difference or permanent difference as per AS 22 ?
Whether asset held for sale is timing difference or permanent difference as per AS 22 ?
4 Replies
Gunjan Tulsyan
(Article)
(222 Points)
Replied 17 September 2012
Accordingto my knowledge the holding of asset for sale does not form a timing difference...!!!
Gaurav Joshi
(M.Com)
(44 Points)
Replied 19 September 2012
correct, there is not timing difference, depreciation on fixed asset causes timining difference not profit/ loss on sale..
surbhi malik
(ca)
(28 Points)
Replied 19 September 2012
Yes there is a timing difference on profit on sale of fixed assets as per AS-22
CA Gopal Somani
(Associate Consultant at Infosys Ltd.)
(464 Points)
Replied 20 September 2012
According to AS -22,Profit/ Loss on sale of fixed assets or on assets held for sale is Timing Difference, because difference that emerged due to difference in depreciation is set off by profit/loss at the time of sale of fixed assets, hence it is timing difference....
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