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04 March, 2019 Spare Parts List And Interchangeability Record TemplateVNHIPP eBook WCWZVHZ04 March, 2019 PDF SPARE PARTS LIST AND INTERCHANGEABILITY RECORD TEMPLATE DOWNLOAD Document Filetype: PDF.

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Spare part inventory refers to a list of stock items maintenance technicians use to replace failed equipment parts. Manufacturing facilities keep spare part supplies—like belts, motors, gears, and grease—on hand so they can fix equipment failures without needing to order and then wait for a part to be delivered.

Usually, spare parts are categorized into two main groups – fast moving and slow moving parts. Fast moving spares are those that are usually required, and slow moving spares are those that are hardly ever required.

Spare part inventory refers to a list of stock items maintenance technicians use to replace failed equipment parts. Manufacturing facilities keep spare part supplies—like belts, motors, gears, and grease—on hand so they can fix equipment failures without needing to order and then wait for a part to be delivered.

Spare parts under IFRS are generally recognized as inventories. However, if the entity expects these spare parts to be used for more than the accounting period, and the economic benefits of these assets are expected to flow to the entity, a company should be recognized these elements as property, plant, and equipment.

Based on criticality, spare parts are conventionally classified into three classes, viz. vital (V), essential (E), and desirable (D).

In logistics, spare parts can be broadly classified into two groups, repairables and consumables. Economically, there is a tradeoff between the cost of ordering a replacement part and the cost of repairing a failed part.

There are two main categories of spare parts: insurance spares, which the entity only expects to use if there is an unexpected breakdown or equipment failure; and. capital spares, which the entity anticipates will eventually be used as replacement parts.

The expense associated with repairs to these assets is recorded at the time the repairs are incurred as a component of costs of goods sold. Non-repairable spare parts are expensed as used as a component of cost of goods sold.

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© Copyright 1997-2025
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3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232