Hello guys,
I have a query in repect of prelimiary expenses shown in balance sheet.So, i would like to share the matter briefly as follows :-
1. One of our client has adopted AS -26 for Prelimiary epxenses & shown the same in Statement of profit & loss.But, they shown directly as quoted " prelimiary expenses " in statement of Profit & loss.
2.as per my view, it should be shown in Other expenses & then directly shown the same in statement of profit & loss through link from note No..
3.My Client is disagree & their contention that the schedule III is silent on it.so, we could disclose the same in preliminary expenses without quoting the Note no.
So, Kindly provide your valueble comments on aforementioned topic & resolve the same at earliest.
CAclubindia
