24 June 2009
I agree with what Mr. Gandhi said bec. as per AS-29 contingent Assets can not be recognized in the books of accounts.
There are many theories developed in the history of Accountancy and are being developed which stated that Human resource assets should be recoznised in the financial and provided the way to calculate the same but still there is some issue which restrict to recognsied the same in the books of accounts.
And last but not the least as per AS-26 Intangible items can not be recognized in the books of accounts and has to be written off immediately against the revenue reserve.
CAclubindia
