https://www.taxtmi.com/manuals?id=1297 The standard governs tangible fixed assets used in production, defining Actual Cost as purchase price plus import duties and directly attributable expenditures to bring the asset to use, net of recoverable amounts and discounts. It mandates capitalisation of attributable administrative overheads, start-up and commissioning costs, improvements that increase future benefits, and certain spares and equipment; routine spares consumed and running concern overheads remain revenue expenses. It requires elimination of internal profits for self-constructed assets, fair-value on non-monetary exchanges, allocation for jointly owned or grouped purchases, references statutory depreciation rules, and prescribes detailed disclosure items for tax reporting. en-us Fri, 20 Nov 2015 11:46:00 +0530 Tue, 27 Jun 2023 18:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1297 The standard governs tangible fixed assets used in production, defining Actual Cost as purchase price plus import duties and directly attributable expenditures to bring the asset to use, net of recoverable amounts and discounts. It mandates capitalisation of attributable administrative overheads, start-up and commissioning costs, improvements that increase future benefits, and certain spares and equipment; routine spares consumed and running concern overheads remain revenue expenses. It requires elimination of internal profits for self-constructed assets, fair-value on non-monetary exchanges, allocation for jointly owned or grouped purchases, references statutory depreciation rules, and prescribes detailed disclosure items for tax reporting. Manuals Income Tax Fri, 20 Nov 2015 11:46:00 +0530 https://www.taxtmi.com/manuals?id=1297