What does AS - 26 Intangible Asset say?
C.A. LINESH PATIL
(CA)
(910 Points)
Replied 13 October 2010
what you want to no about this standard.
this standard is basically a clean up standard which draws a line between a assets and expenses.
it specifies assets recognition criterion and a expenses fulfills that ARC then it becomes a assets & amortized as per the provision of AS 26.
if expenses does not fulfill the ARC then being an expenditure written off in a year when incurred.
there is a mis head in Schedule XI.now many of expenses which were used to be stayed there to the extent not written off ,does not look there because AS 26 speaks to write off them in a year when incurred.
say preliminary expenses now written off in a year while earlier it used to be written off in a period of 5 year.
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