TaxTMI 
TaxTMI 
Comparison Chart of ICDS-V, AS-10 & IndAS-16
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....d asset is any asset being land, building, machinery, plant or furniture held with the intention of being used for the purpose of producing goods or services and is not held for sale in the normal course of business. There is no option of expensing off of immaterial assets resulting in onerous compliances and record keeping. Fixed asset is an asset held with the intention of being used for the pu....
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....iod not exceeding the useful life of the principal item. Spare parts are recognised in accordance with IndAS 16 when they meet the definition of PPE. Otherwise, such items are classified as inventory. Costs to be capitalised Similar to Indian GAAP. However, expenses incurred in the interval when the project is ready to commence commercial production and when it actually commences production may....
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....of operating in the manner intended by management". If an asset is purchased or constructed and can operate in that manner immediately, costs incurred whilst the asset is standing idle may not be capitalised Replacement costs Expenditure that increases the future benefits from the existing asset beyond its previously assessed standard of performance is added to actual cost. Replacement cost o....
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....ts the revaluation model, revaluations are required to be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Depreciation Depreciation on a tangible fixed asset shall be computed in accordance with the provisions of the Act and the Rules thereunder AS 10 does are n....