Disclosures  on accounting for fixed assets :

Certain specific disclosures on accounting for fixed assets are already required by Accounting Standard 1 on ‘Disclosure of Accounting Policies’ and Accounting Standard 6 on ‘Depreciation Accounting’.

Further disclosures that are sometimes made in financial statements include:

(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 any 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.