Deepjyoti Biswas (na) (24 Points)
20 February 2015Can depreciation be claimed on goods/material/WIP in Warehouse (before it is Capitised /put to use)?
MOHIT KUMAR JAIN
(CFO)
(68 Points)
Replied 03 September 2015
Ind AS 16, para 55 - "Depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management."
Hence depreciation cannot be claimed on goods / material / WIP in Warehouse (before it is Capitised /put to use).
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