Accounting Standard 26

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CA Ysil Karunai (Querist)
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05 May 2009 Dear Sir,
A construction company purchases a Auto Cad Software for some business operation say Rs. 1,00,000.
1. Whether this item should classified under intangible asset? or
2. It should be included in Computer under Fixed asset?

Kedar Pande

Kedar Pande (Expert)
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05 May 2009 In My opinion,
It should come in intangible assets.

It will not be included in Computers as it is being seperately purchased. If the software is purchased alongwith the computer and if the software is necessary to run the computer then it will be accouted alongwith computer.

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