Question

Which of the following information relating to fixed assets should be disclosed in the financial statements as per Accounting Standard-10 ?

• A. Gross book value of fixed asset at the beginning of the year
• B. Gross book value of fixed asset at the end of the year
• C. Net book value of fixed asset at the beginning and at the end of the year
• D. (A), (B), and (C)

Answer 1

The correct option is D (A), (B), and (C)

The following information should be disclosed in the financial statements:

(i) Gross and net book values of fixed assets at the beginning and end of an accounting period showing additions, disposals, acquisitions and other movements;

(ii) Expenditure incurred on account of fixed assets in the course of construction or acquisition; and

(iii) Revalued amounts substituted for historical costs of fixed assets, the method adopted to compute the revalued amounts, the nature of indices used, the year of any appraisal made, and whether an external valuer was involved, in case where fixed assets are stated at revalued amounts.