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when we bring in an asset,should we start depreciating from the day 1(when we are not start using the asset)
and is “ready for use & available for use” the same term??Depreciation is a concept from the matching principle so depreciate the cost of the asset to match against the revenues that that asset is helping to generate
An asset may be ready for use but not available
Think about buying a vacuum cleaner – when you walk into that store that sells vacuum cleaners, there they all are … ready for use
But they’re not available until you pay for the one that you’ve chosen
There’s not a world of difference and I would prefer to read the two expressions in the contexts that you have found them
OK?
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