IFRS in India - jb nagar cpe study circle of wirc of icai
IFRS in India - jb nagar cpe study circle of wirc of icai
IFRS in India - jb nagar cpe study circle of wirc of icai
- No tags were found...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>IFRS</strong> <strong>in</strong> <strong>India</strong> – Its Status, Overview <strong>of</strong> Concepts and Impact <strong>in</strong> <strong>India</strong>Annexure 2: Common adjustments from <strong>India</strong>n GAAP to <strong>IFRS</strong>Property Plant and EquipmentGiven,1. Method adopted SLM2. Life 10 years3. Salvage value zero unless stated otherwisea. Residual ValueQ The residual value taken under <strong>India</strong>n GAAP is 5 for an asset, the orig<strong>in</strong>alcost <strong>of</strong> which is 105. At the beg<strong>in</strong>n<strong>in</strong>g <strong>of</strong> the sixth year, the residual value isre-estimated and the same asset is expected to have 45 at the end <strong>of</strong> itslife. The depreciation <strong>of</strong> 10 was provided dur<strong>in</strong>g the sixth year under <strong>India</strong>nGAAP. What shall be impact under <strong>IFRS</strong> for the sixth yearAnswerA Cr NW 8, Cr NI 8Rakesh Agarwal Slide 64
Change language