Accounting Standards
This query is : Resolved
17 March 2008
hi,
Is logo design expenses is covered under AS 26. Can it be capitalised.
Is logo design expenses is covered under AS 26. Can it be capitalised.
17 March 2008
Yes design expenses are covered under AS26. It can be capitalised only if it satisfied the crieterions of intangible assets as defined under AS 26 i.e. it should be controllable by firm, it should be identifiable and there is expectation of future economic benefits flowing from m it
17 March 2008
Logo should be utilised for your bussiness purpose or a specified purpose
17 March 2008
YES COVERED UNDER AS 26
17 March 2008
The three conditions for capitalisation of design expenses as Intangible assets as given under AS 26 are:
1) Identifiable -- Seems to be satisfied
2) Future Economic Benefits -- satisfied
3) Controllable -- I am confused with this condition. I believe, this condition will not be satisfied until u have the ownership of the asset. And until u registered ur logo, u may not stop others to use it.
So, i would like to ask our friends to throw some light on this issue..
1) Identifiable -- Seems to be satisfied
2) Future Economic Benefits -- satisfied
3) Controllable -- I am confused with this condition. I believe, this condition will not be satisfied until u have the ownership of the asset. And until u registered ur logo, u may not stop others to use it.
So, i would like to ask our friends to throw some light on this issue..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
