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Accounting for Pre Capitalisation Expenses
What would be the accounting treatment for general expenses before the start of commercial production of a project. Is any AS provides guideline for the same.
Replies (2)
You may refer to the Guidance Note on Treatment of Expenditure during the Construction Period, an ICAI publication
It depends on the nature of expenses. Prima-facie it must be put into Miscellaneous Expenditure and be written off (100%) in the first year of commercial production itself.
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