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Discussion > Audit >

Capital Work in Progress

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Finance Controller

[ Scorecard : 24]
Posted On 08 May 2009 at 20:28 Report Abuse

Dear Members,

I had an argument with my Auditors saying that Capital Work in Progress is only when some capital expenditure is incurred for some unfinished capital work, like a room under construction or a machinery under installation.

If i have issued an advance for a fridge or TV then this can not be termed as capital work in Progress.

Am I Right - Which accounting standard / Guidence note would throw proper light on the above.


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Vrnanda
auditor

[ Scorecard : 110]
Posted On 09 May 2009 at 00:11

Hi thomas, it is ok with your argument. Though advance paid to the capital works will be shown as capital advances in your GLs/TB.

But when it comes to Schedule VI disclosure, capital work in progress inlcudes capital advances.

 

Regards,

V R Nanda





Ankur Garg
Company Secretary and Compliance Officer

[ Scorecard : 95632]
Posted On 09 May 2009 at 08:39

Agree with Mr. Nanda




Ashish G. Mistry
Senior Executives

[ Scorecard : 22]
Posted On 11 April 2010 at 20:24

I doubt, kindly clarify




PRADEEP & SUDHIR JI
CA FINAL+LLB

[ Scorecard : 2289]
Posted On 11 April 2010 at 22:43

Agrred with NANDA



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