Treatment of preliminary exps
This query is : Resolved
20 March 2013
As we know exps like Preparation of AOA & MOA and other legal exps are treated as Preliminary exps.
My question is that what would be Accounting Treatment of other than Legal Exps such as Revenue exps for opening co. before commencement of Co, decoration & All other revenue exps.
Kindly reply me by refering AS?
My question is that what would be Accounting Treatment of other than Legal Exps such as Revenue exps for opening co. before commencement of Co, decoration & All other revenue exps.
Kindly reply me by refering AS?
21 March 2013
In My View AS 26 do not cover the following :-
•Expenditure on exploration, mining etc..- Guidance note in force
•Contracts between insurers and policy holders- AS not yet introduced
•Accounting for discount/premium on securities- AS 30
•Incidental costs for arranging borrowings – AS 30
•Share issue expenses – No where specifically
Alternative option for Preliminary Expenses in Balance Sheet :- We may take the same as covered by Accounting Standard 26 of ICAI on Intangible Assets and write off the expense fully in the year of occurrence.
•Expenditure on exploration, mining etc..- Guidance note in force
•Contracts between insurers and policy holders- AS not yet introduced
•Accounting for discount/premium on securities- AS 30
•Incidental costs for arranging borrowings – AS 30
•Share issue expenses – No where specifically
Alternative option for Preliminary Expenses in Balance Sheet :- We may take the same as covered by Accounting Standard 26 of ICAI on Intangible Assets and write off the expense fully in the year of occurrence.
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
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Applicability of Ind As to associate of associate
- Sale of property furniture sale
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Filing of Form 10BB instead of Filing Form 10B
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
