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of <h1>ICDS V: Guidelines on Treatment and Depreciation of Tangible Fixed Assets, Including Cost Determination and Joint Ownership Rules</h1> ICDS V addresses the treatment of tangible fixed assets such as land, buildings, machinery, plants, or furniture used for producing goods or services. It outlines the determination of actual cost, including purchase price, import duties, and directly attributable expenses, while excluding recoverable taxes and government subsidies. The standard specifies capitalization for stand-by equipment and irregularly used spares, while regular spares are expensed. Improvements extending asset benefits are added to cost. For joint ownership, costs and depreciation are proportionally allocated. Depreciation follows the Income Tax Act, with no provision for revaluation. Transfers and disclosures align with tax provisions, detailing asset descriptions, costs, and depreciation.
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