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AS 26

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(Querist)
12 September 2009 A company was incurring capital expenditure for acquiring business rights from year 2006-07 and were treating the same as revenue i.e. not following the AS 26. Now in the year 2008-09 company realised mistake and want to capitalise the same. Whether company should reopen its accounts of last two years or rectify the mistake in the financial statement of 2008-09.
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CA Punit

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CA Punit (Expert)
12 September 2009 Hi..
As per AS 26 any exp. incurred in past years and which has already been charged to revenue cannot be capitalised in subsequent time period to give rise to an Intangible Asset..
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Kaustuv

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Kaustuv (Expert)
14 September 2009 Agreed to Punit. Past expenditure cannot be capitalised under any circumstances
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