Classifying Real Estate Property | Inventory vs. Investment Property
- Blog|News|Account & Audit|
- < 1 minute
- By Taxmann
- |
- Last Updated on 8 October, 2024
Latest from Taxmann
This story addresses the classification of real estate property within the context of Indian Accounting Standards (Ind AS), focusing on the distinction between “Inventory” and “Investment Property.” The discussion centers around a public sector undertaking (PSU) that has achieved Navratna status and operates in various sectors, including Project Management Consultancy, Real Estate, and Engineering, Project & Construction. The company has a joint project with ‘A’ Municipal Corporation, which involves a property completed in 2010 but has faced challenges in the sales process due to regulatory requirements.
The story explores the company’s intentions regarding the property, the relevant accounting standards that apply, and the Expert Advisory Committee’s opinion on how to classify the property based on its intended use. This guidance is crucial for ensuring compliance with Ind AS while navigating the complexities of real estate management.
Click Here To Read The Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
