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of <h1>AS 10: Guidelines for Fixed Asset Accounting, Valuation, and Disclosure, Excluding Natural Resources and Real Estate.</h1> The Accounting Standard (AS) 10 outlines the principles for accounting fixed assets, excluding specialized items like natural resources and real estate development. It mandates that fixed assets be recorded at historical cost or revalued amounts, including purchase price and directly attributable costs. Subsequent expenditures should only be capitalized if they enhance future benefits. The standard addresses asset exchanges, improvements, revaluations, and disposals, emphasizing systematic revaluation and appropriate disclosure in financial statements. It also covers accounting for jointly owned assets, hire purchase terms, and goodwill, requiring transparent disclosure of asset values and movements.
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