08 March 2011
Hi, one of our client's have intangible assets appearing in there financials. the same was acquired in 2004 and is now fully amortized, but still they are showing it at gross value less full amortization i.e. @ nil value. are we still required to show it in financials?
10 March 2011
In my opinion, as long as the Assets are in use by the entity and neither discarded nor written off, Gross Block & Cumulative Depreciation / amortization needs to be disclosed in the Financial. By removing the same from the Financials, the entity may loose the track of the Assets and even even may be missed out from the physical verification also.
CAclubindia
