30 May 2011
A company construct temple in campus. what is the accounting for the same. whether it will treated as Fixed asset or Revenue expenditure
If it treated as fixed assets then it is not cover under the defination of fixed assets. according to AS 10 fixed assets means a assets which is kept in business for providing services of manufacturing activity.
05 June 2011
Your quote for AS 10 is very limited. This mandir will be the asset of the company. You can not write it off as a expenditure. It may not help business activity( Dont refer manufactring activity only ) but it may help in other way to business like staff welfare asset
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