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Fixed asset reporting under IFRS

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Fixed asset reporting under IFRS

Hi there,

I have a question about fixed assets in terms of how it should be reported under the relevant IFRS.

Is it possible to capitalise/put certain repair costs of leased cars under "other current assets" if we get a charge/cost from leased company in relation to any damage or service or repair underwent on leased company cars?

Can we key those costs under "other current assets" until the company gets the money from the insurance company in relation to those costs i.e.: damage, service or repair costs for those leased cars.

Leased cars are under operating lease

Hope it is clear and I look forward to hearing from you.

Many thanks



May 27th 2015 AN ACCA USER 130 Points

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