Classifying Real Estate Property | Inventory vs. Investment Property
- Blog|News|Account & Audit|
- < 1 minute
- By Taxmann
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- Last Updated on 8 October, 2024
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This story addresses the classification of real estate property within the context of Indian Accounting Standards (Ind AS), focusing on the distinction between “Inventory” and “Investment Property.” The discussion centers around a public sector undertaking (PSU) that has achieved Navratna status and operates in various sectors, including Project Management Consultancy, Real Estate, and Engineering, Project & Construction. The company has a joint project with ‘A’ Municipal Corporation, which involves a property completed in 2010 but has faced challenges in the sales process due to regulatory requirements.
The story explores the company’s intentions regarding the property, the relevant accounting standards that apply, and the Expert Advisory Committee’s opinion on how to classify the property based on its intended use. This guidance is crucial for ensuring compliance with Ind AS while navigating the complexities of real estate management.
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