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AS-10

Accountancy

Sir, in as-2 ,ppe definition starts with, ppe are tangible items....... So on. Then why we write intangible assets under the head of PPE in balance sheet under schedule-III

Star Ca

CA Inter

★ 3K+

16-Mar-20 08:59

481

Answers (3)

Schedule III may not use the same terms as Accounting Standards. Intangible Assets are also property owned by entity.

CA Suraj Lakhotia

Admin

17-Mar-20 16:32

Sir, but all the financial statements ofa company should comply with accounting standards know sir.

Thread Starter

Star Ca

CA Inter

★ 3K+

17-Mar-20 19:48

Accounting standards cover computations , measurement , accounting treatment as well as disclosures. Disclosures are also covered by SCH III. The item specifically highlighted by you is covered by SCH III. Secondly Companies Act is a legislation. AS are pronouncement of ICAI. Legislation over rides pronouncements.