Capitalization of intangible asset
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 August 2015
As per AS-26, intangible asset can be capitalized only if
1 it results in future eco benefit, and
2 useful life can be estimated.
So should an accounting software, like tally, purchased be capitalized?
1 it results in future eco benefit, and
2 useful life can be estimated.
So should an accounting software, like tally, purchased be capitalized?
13 August 2015
Nops, it should not be capitalised, as without software the computer will not loose its identity and could not be used for work.
13 August 2015
Tally software can be capitalized as per AS 26. It has future economic benefit and useful life. Capitalize and depreciate it for 5 years.
17 August 2015
Although I have advised many times to capitalise this, but recetly there was a case where capitalisatiion has been disallowed.
I would suggest you to take decision based on the amount involved.
I would suggest you to take decision based on the amount involved.
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