rohit agarwal
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What is the Difference between AS 6 & AS 10 and Ind - AS 16
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CHITRANJAN AGARWAL
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Dear Rohit,
Difference between IND AS-16 and AS 6 & 10,
1 Ind AS 16 also deals with depreciation of property, plant and equipment while this is Presently covered by AS 6.
2 Ind AS 16 does not exclude such developers from its scope while as -6 & 10 specifically excludes accounting for real estate developers from its scope
3 Lays down the following criteria which should be satisfied for recognition of items of property, plant and equipment:(a) it is probable that future economic benefits associated with the item will flow to the entity, and
(b) the cost of the item can be measured reliably. While respective as does not lay down any specific recognition criteria for recognition of a fixed asset.
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