Revised sch. vi

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 October 2012 ACCORDING TO REVISED SCH. VI WHAT WILL THE TREATMENT OF PRELIMINARY EXPENSES AND PRE-OPERATIVE EXPENSES (TO THE EXTENT NOT WRITTEN OFF). WHERE AND IN WHICH HEADING THESE ITEMS WILL BE SHOWN.

CA Sourabh Agarwal

CA Sourabh Agarwal (Expert)
Follow

07 October 2012 According to Revised Schedule VI, Accounting Standards prevails over Schedule VI. AS 26 says that any such expenses does not qualify to be ASSET.
As such legally such expenses does not have any existence. Still if anyone has such expenses, show it in "Other Non-Current/Current Asset" depending on their tenure of write off.