03 September 2012
Sir/Madam, Is it compulsory to write off all preliminary expences in current year as per Revised schedule VI? If YES then Can we treat Write off of preliminary exp. as an exceptional item in Profit & Loss Account as per Revised Schedule VI?
03 September 2012
Revised Schedule VI does not deal with any new or modified accounting treatment; thus all accounting treatment continues to be governed by the respective Accounting Standards/practices. On the other hand Sch VI is also made it mandatory that additional line items can be presented on the face or in the brief notes. Thus, Entity can disclose such “Unamortized expenses” under the head “other current/ non-current assets”.
CAclubindia
