rohit
(Student CA Final )
(117 Points)
Replied 05 December 2014
Friends, AS-26 is on Intangible asset but preliminary expenses are not that one i.e. it is an fictitious assets. further AS suggest the amortisation of intangible asset in 10 yrs.
Please clarify about the above.
Alternate treatment: By applying the provision of "materiality" under AS-1, the whole amount can be w/off in the 2nd year because value is not material (5900).
raj kamal singh
(Auditor)
(528 Points)
Replied 05 December 2014
rohit
(Student CA Final )
(117 Points)
Replied 08 December 2014
Rajkamal, please refer para 56 of AS-26.
I am still stand on my opinion
CAclubindia
