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IAS 23- Qualifying Asset

If inventories takes substantial period of time to get ready for its intended use or sale. In this case, can it be treated as Qualifying Asset as per IAS23

 

A. True, It can be

B. False, Inventories cannot be treated as Qualifying Assets event it takes substantial period of time as per IAS23

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Question ajoutée par Mohammed Mohammed , Senior SAP Consultant , Abyat Mega Store
Date de publication: 2015/01/25
VENKITARAMAN KRISHNA MOORTHY VRINDAVAN
par VENKITARAMAN KRISHNA MOORTHY VRINDAVAN , Project Execution Manager & Accounts Manager , ALI INTERNATIONAL TRADING EST.

Note --Two types of assets that would otherwise be qualifying assets are excluded from the scope of IAS23:

1.     qualifying assets measured at fair value, such as biological assets accounted for under IAS41 Agriculture.

 2.    inventories that are manufactured, or otherwise produced, in large quantities on a repetitive basis and that take a substantial period to get ready for sale (for example, maturing whisky).

 

Answer.......>>>>>

B. False, Inventories cannot be treated as Qualifying Assets event it takes substantial period of time as per IAS23

Tariq Mehmood
par Tariq Mehmood , Accountant General, Punjan,Lahore Pakistan , Senior Auditor, District Accounts Office, Sheikhupura.

ANSWER (  B  )   Inventories can not be treated as qualifying asserts

 

Suprio ghosh
par Suprio ghosh , Dy. Gen. Manager Accounts & Finance. ( CFO ) , Motherson Advanced Tooling Solutions

" Qualifying Asset" means an asset which takes a substantial period of time to get ready for its intended use or sale.  As an example we can say Power plant, Toll Bridge etc.

But in case of Inventory which are used on repetitive basis or over a short period of time are not qualifying assets. In other hand inventories which take a considerable period of time to bring to a salable condition will be treated as " Qualifying Asset "

FITAH MOHAMED
par FITAH MOHAMED , Financial Manager , FUEL AND ENERGY CO for transportion petroleum materials

B.>>>>>>>>> False, Inventories cannot be treated as Qualifying Assets event it takes substantial period of time as per IAS23

Habibullah Syed
par Habibullah Syed , Accountant , Farasia Maritime Agencies Pvt Ltd

FALSE.....................................

Utilisateur supprimé
par Utilisateur supprimé

False. Inventories have to be dealt with their respective Standard.

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