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Home » Blog » [Illustrative Checklist] Disclosure requirements under AS 10 | Property, Plant and Equipment

[Illustrative Checklist] Disclosure requirements under AS 10 | Property, Plant and Equipment

  • Blog|News|Account & Audit|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 21 January, 2023

Latest from Taxmann

AS 10

The objective of AS 10, Property, Plant and Equipment, is to prescribe the accounting treatment for property, plant and equipment so that users of the financial statements can discern information about investment made by an enterprise in its property, plant and equipment and the changes in such investment. The principal issues in accounting for property, plant and equipment are the recognition of the assets, the determination of their carrying amounts and the depreciation charges and impairment losses to be recognised in relation to them. This Standard does not apply to biological assets related to agricultural activity other than bearer plants and wasting assets including mineral rights, expenditure on the exploration for and extraction of minerals, oil, natural gas and similar non-regenerative resources.

As per the stipulation of this standard, an entity must comply with the below-mentioned disclosure requirements:

I. Has entity disclosed for each class of PPE:

a) Bases of measurement (i.e., cost model or revaluation model) to determine the gross carrying amount

b) Method of depreciation

c) The useful lives or the depreciation rates used. In case the useful live or the depreciation rates are different from those specified in the statute governing the enterprise, has a specific mention of that fact been made

d) The gross carrying amount and the accumulated depreciation at the beginning and end of the period

e) A reconciliation of the carrying amount at the beginning and end of the period showing:

      • Additions
      • Assets retired from active use and held for disposal
      • Acquisitions through business combination
      • Increase or decrease resulting from revaluation recognised or reserved directly in revaluation surplus
      • Impairment losses recognised in the statement of profit and loss in accordance with AS 28
      • Impairment losses reversed in the statement of profit and loss in accordance with AS 28
      • Depreciation
      • The net exchange differences arising on the translation of the financial statements of a non-integral foreign operation in accordance with AS 11
      • Other changes
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Author: Taxmann

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
View all posts by Taxmann

Author TaxmannPosted on January 21, 2023Categories Blog, News, Account & Audit

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