📌 AS 10 – Property, Plant and Equipment (PPE) – Summary Note

Definition:
Property, Plant and Equipment are tangible items:
✅ Held for use in production/supply of goods or services, for rental, or for administrative purposes.
✅ Expected to be used during more than one period.

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Key Points:

🔹 Initial Recognition:
- Recognized when:
- Future economic benefits are probable.
- Cost can be reliably measured.

🔹 Cost Includes:
- Purchase price (net of discounts)
- Directly attributable costs (e.g., site prep, delivery, installation)
- Initial estimate of dismantling/restoring cost (if applicable)

🔹 Subsequent Measurement:
- Cost Model: PPE carried at cost less accumulated depreciation and impairment.
- Revaluation Model: Carried at fair value at date of revaluation less depreciation.

🔹 Depreciation:
- Systematic allocation of depreciable amount over useful life.
- Reviewed annually and revised if necessary.

🔹 De-recognition:
- On disposal or when no future economic benefits are expected.
- Gain/loss = Sale proceeds – Carrying amount (goes to P&L)

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📝 Tip for Exam:
Remember journal entries for purchase, depreciation, revaluation, and disposal. Practice numerical questions from past exams for better understanding.

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📘 Short Note: AS 9 – Revenue Recognition
*(CA Intermediate – Accounting)*

🔹 1. Definition of Revenue:
Revenue refers to the gross inflow of cash, receivables, or other consideration arising in the course of ordinary activities.

🔹 2. Applicability:
AS 9 applies to revenue arising from:
- Sale of goods
- Rendering of services
- Use of entity resources by others (royalties, interest, dividends)

🔹 3. Timing of Revenue Recognition:
- Sale of goods: When significant risks and rewards are transferred.
- Rendering of services: Either completed service method or proportionate completion method.
- Interest: On time basis
- Royalties: On accrual basis
- Dividends: When the right to receive is established

🔹 4. Exclusions from AS 9:
- Lease income
- Government grants
- Insurance contracts
- Gains from sale of fixed assets

🔹 5. Key Principle:
Revenue is recognized when it is earned and realizable.

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