income tax
This query is : Resolved
Guest
Guest
(Querist)
19 June 2009
what is prior period expenses
19 June 2009
Expenses which are incurred prior to commencement of business.
19 June 2009
Expenses prior to commencement of business.
19 June 2009
agree with the experts
19 June 2009
AS PER AS-5 , PRIOR PERIOD EXP ARE THOSE EXP WHICH ARISE OUT OF ERROR OR OMISSION IN PREVIOUS YEAR PERIOD AND ARISE IN CURRENT YEAR.
20 June 2009
agree
20 June 2009
Prior period items are income or expenses which arise in the current period
as a result of errors or omissions in the preparation of the financial
statements of one or more prior periods.
as a result of errors or omissions in the preparation of the financial
statements of one or more prior periods.
26 June 2009
Just for the sake of clarification , the expenditure which are incurred prior to commnencement of business are expenditure prior to commencement and are laible to be capitalised in books along with capex if belong to capex direclty. Indirect expenditure are charged to P & L Account. The prior period expenditure and incomes are those as defined by Ankur Above.
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