Could you explain fixed assets depreciation process under IFRS. And Indian companies can use both the new company Act and IFRS for fixed assets depreciation calculation
Thanks,
Mohan
mohan (consultant) (49 Points)
24 November 2016Could you explain fixed assets depreciation process under IFRS. And Indian companies can use both the new company Act and IFRS for fixed assets depreciation calculation
Thanks,
Mohan
Sreekanth Nimmakayala
(Working as General Manager Finance in Hyderabad based Pharma Company)
(22 Points)
Replied 27 November 2016
Indian Companies can adopt converged version of IFRS i.e. Ind AS 16 PPE . Key diffeences between existing Indian GAAP and IndAS is that , IndAS provides an option for subsequnet measurement at cost or revlaution method . As per teh Companies act 2013 , usefullife of the asets considered for dperection calculation is different from the life stipulated in Sch II , it needs to be discloded in the Financial statements properly .
Hope this helps you.
regards
Sreekanth
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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