accounting standards

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Renu Mishra (Querist)
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03 August 2010 please answer this question with reason its urgent!

A company contracted for laying pipeline for an oil company,deep beneath the earth for Rs.100lakhs on 31st aug 2000.They estimated the cost to be Rs.80lakhs,while doing the boring work in nov 2001 it had met a rocky surface for which it was estimated that there would be extra cost of Rs.50lakhs.What would be its treatment will it be treated as a prior period item as per AS-5 in the current year,which is 2001 in this question.

VINOD ARORA

VINOD ARORA (Expert)
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03 August 2010 are you sure dates mentioned in query i.e.. aug 2000 and nov 2001 are correct, for treatment in 2010??

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