By Hasaan Fazal on November 15, 2011
Depreciation simply means a steady decrease in the value of asset. Often it is studied in relation to the time period over which such decrease in the value has occurred. Therefore, often it is also defined as the value lost by the asset over its useful life i.e. the time period for which it was subjected […]
Posted in ACCA, ACCA - F3, ACCA - F7, Accounting Concepts & Conventions, Accounting Concepts and Policies, CA, Capital and Revenue Expenditure, CAT, CAT - T1, CAT - T3, CAT - T6, CIMA, CIMA C01, CIMA C02, FA1, FA2, FFA, FIA, Financial Accounting, Financial Statements of Companies, Financial Statements of Sole Traders, IAS 16, IASB Framework for Financial Statements, Intangible Non-current Assets, Intangible Non-current Assets, Module B, Module C, Tangible Non-current Assets, Tangible Non-current Assets, Tangible Non-current Assets, Trial Balances and Financial Statements |
By Hasaan Fazal on June 5, 2011
According to IAS 16 the purchase price of the asset includes the amount of non-refundable taxes i.e. such taxes which cannot be claimed back are capitalized and are included in the cost of the asset at the time of purchase. For example, when the asset is purchased or imported then buyer/importer is required to pay […]
Posted in ACCA, ACCA - F3, ACCA - F7, CA, Capital and Revenue Expenditure, CAT, CAT - T6, CIMA, CIMA C02, FFA, FIA, Financial Account Basics, Financial Accounting, Financial Statements of Companies, Financial Statements of Companies, Financial Statements of Sole Traders, Financial Statements of Sole Traders, IAS 16, Intangible Assets, Intangible Non-current Assets, Module C, Sales Tax, Tangible Non-current Assets, Tangible Non-current Assets, Taxation |
