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Ind AS 37 Provision
Financial Reporting
Vide No 8 Illustration 14 Restoration cost is debited and Provision for restoration is credited. Assuming that capital asset is purchased and there is a future liability this restoration, then restoration should be debited to the asset (not to be taken to P & L) and provision should be credited. Am I correct. Video Details ------------- Ind AS - CA Final Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets #9. Impact of Future Events on Provision
Answers (3)
CA Suraj Lakhotia Admin
So you will pass following entry Dr. PPE Cr. Restoration cost
Dr PPE Cr Restoration Cost (This is shown under non current liability)
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