Fixed Assets - What is fixed asset cost?

Q: What is fixed asset cost?

9.1 The cost of an item of fixed asset comprises its purchase price, including import duties and other non-refundable taxes or levies and any directly attributable cost of bringing the asset to its working condition for its intended use; any trade discounts and rebates are deducted in arriving at the purchase price.

Answer

9.1 All expenses related to preparing a fixed asset for its intended use, including import duties and other non-refundable taxes or levies, as well as any trade discounts or rebates, are subtracted from the purchase price to arrive at the total cost of the asset.

Fixed Assets - What is fixed asset cost?

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