|
SIC 23 confirms that the cost of a major inspection or overhaul generally should be expensed as incurred. The exception is where the
enterprise treats the cost of a major inspection or overhaul as a separate "component" asset for accounting purposes and depreciates that component to reflect the consumption of benefits resulting from the major inspection or overhaul.
Click for IASC Press Release on SIC 23 (PDF 36k)
|