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A qualifying asset is a asset that necessarily takes substantial period of time to get ready for its intended use or sale.
Substantial period of time, ordinarily a period of twelve months however a shorter or longer period can also be justified as per the circumstances.
No, an asset that is ready for its intended use or sale when acquired is not a qualifying asset.
A qualifying asset is an asset that necessarily takes a substantial period of time to get ready for its intended use or sale, As per IAS23
Examples include:
- Inventories (that are not produced over a short period of time)
- Manufacturing plants
- Power generation facilities
- Intangible assets
- Investment properties.
* Yes any assets available for their intended use or sale when acquired, called qualifying assets
A qualifying asset is an asset that takes a substantial period of time to get ready for its intended use or sale. [IAS23.5] That could be property, plant, and equipment and investment property during the construction period, intangible assets during the development period, or "made-to-order" inventories. [IAS23.6]
