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AS 10

Accounting Standard 10 on Fixed Assets

Paragraph NumberDescription
Para 6.1 Definition of Fixed Asset: Fixed Asset is an asset which is held with the intention of being used for the purpose of producing or providing goods or services and is not held for sale in normal course of business.
Para 6.2 Definition of Fair Market Value: Fair value is that value which is agreed to in an open and unrestricted market between knowledgeable and willing parties dealing at arm's length who are fully informed and are not under any compulsion to transact.
Para 6.3 Definition of Gross Book Value: GBV of a fixed Asset is its historical cost or other amount substituted for historical cost in the books of accounts or FS. When this amount is shown net of accumulated depreciation it is known as Net Book Value.
Para 7 Disclosure in financial statements. Whether an expenditure represents an expense or asset.
Para 8.1 Identification of Fixed Assets - Aggregation of individually insignificant items and expense out items which are of immaterial value.
Para 8.2 Stand by equipment and machinery spares
Para 8.3 Breaking up the total value of fixed assets into the value of its components based on their estimated useful lives
Para 9.1 Cost of a Fixed Asset
Para 9.3 Admin cost related to a Fixed Asset
Para 9.4 Expenditure incurred on start-up and commissioning of the project
Para 9.5 Expenses incurred during the interval between the date when a project is ready to commence commercial production and the date on which commercial production actually begins
Para 10.1 Self constructed Fixed Assets - costs which directly relate to the fixed asset or attributable to the construction. Any internal profits are eliminated at arriving at such cost.
Para 11.1 Fixed Asset acquired for a non-monetary consideration.
Created by: ratnahubli
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