IND AS 16 : What is the concept of Component accounting as per Ind AS 16 ? Why Component Accounting is used ?

The concept of Component Accounting under Ind AS 16, “Property, Plant and Equipment,” allows entities to account for significant components of an item of property, plant, and equipment separately when those components have different useful lives. This approach recognizes that certain assets are made up of distinct parts or components that may have varying economic…...