Accounting policy for prepaid expenses
This query is : Resolved
06 December 2023
Hi All,
A Listed company has an accounting policy as follows.
"Expenses more than 1Cr are only considered as prepaid and amortized, all other expenses are charged to P&L."
Is this allowed ? If so, do we have a reference in any standard or guidance note ?
A Listed company has an accounting policy as follows.
"Expenses more than 1Cr are only considered as prepaid and amortized, all other expenses are charged to P&L."
Is this allowed ? If so, do we have a reference in any standard or guidance note ?
20 January 2024
Prepaid accounting should depend on the period/duration of such transaction then quantum.
https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/financial_statement_/financial_statement___18_US/chapter_8_other_asse_US/85_prepaid_assets_an_US.html
https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/financial_statement_/financial_statement___18_US/chapter_8_other_asse_US/85_prepaid_assets_an_US.html
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