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Treatement in IFRS for scrap sales linked with Capital work in progress

16 August 2009 3,673 views 2 Comments

Dear All

Please help me to know the treatement of Scrap sales related to Capital Work in progress (CWIP). The income generated from the sale of scrap directly linked with the CWIP should be reduced from CWIP or should be taken to P&L?

 

Thanks & Regards

Anupam

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2 Comments »

  • ca.lokeshjain said:

    Scrap sales related to cwip should be deducted from the cwip, as per ifrs any amount if you receive on a asset which is under construction should be deducted from the asset.
    we cant tfr this amount to p&l bcoz assets is not ready for use and it’s not a normal sale

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