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Accounting on Fixed Assets (AS 10) : 

Accounting on Fixed Assets (AS 10) -By Akshaya Lad (82)

Slide 2: 

Accounting on Fixed Assets (AS 10) Asset: A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit.  Two types of assets: Tangible Asset Intangible Asset

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Accounting on Fixed Assets (AS 10) Fixed Assets: Asset held with the intention of being used for the purpose of producing or providing goods or services and is not held in the sale of the normal course of the business. E:g: Land, Building, Plant, Machinery, Furniture, Equipment, Fixtures and Fittings etc. AS (10): This standards gives principles of recognition of- Fixed assets Revaluation Improvements and Repairs.

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Accounting on Fixed Assets (AS 10) Components of Cost: Purchase Price + Import duties + Tax + Attributable cost. (Administration and other general overhead expenses are usually excluded from the cost of fixed assets). Self-Constructed Fixed Assets: Includes all the above and costs of construction that relate directly to the specific asset and costs that are attributable to the construction activity.

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