05-05-2010, 06:02 PM
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by ciapk</i>
<br />According to International Accounting Standards, its a depreciable asset and should be depreciated. However, it has to be determined that in given scenario IAS are applicable on that entity or not. If IAS's are not applicable at all then the fact should be clearly disclosed in the financial statements as only investors or owners are not user of financial statements but other Govt or non Govt agencies also use such financial statements. So, if IAS are not mandatory to follow, depreciation may not be charged impact should be disclosed.
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Thankyou for your answer. If you have any more information please tell me. It has to be around 250 words.
<br />According to International Accounting Standards, its a depreciable asset and should be depreciated. However, it has to be determined that in given scenario IAS are applicable on that entity or not. If IAS's are not applicable at all then the fact should be clearly disclosed in the financial statements as only investors or owners are not user of financial statements but other Govt or non Govt agencies also use such financial statements. So, if IAS are not mandatory to follow, depreciation may not be charged impact should be disclosed.
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Thankyou for your answer. If you have any more information please tell me. It has to be around 250 words.
