hi,
how we will treat pre operating exp. going to start a supermarket on november 20th. until now almost 12 lakh Rs spend. including fixed assets.
kindly advise me.
thanks
IAS 38, IndAS 38, AS 26 confirms that all pre operating expenses are expensed at initial recognition. The exception here is, these expenses can be capitalised when they fall under cost recognition of PPE. All other expenses are expensed.
CAclubindia
