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Accounting Standard - 26

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(Querist)
19 July 2008 whether preliminary expenses should be written off within one year or it canbe written off for the period of 5 years?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
19 July 2008 In books of accounts it has to be written off fully. In IT return the allowance will have to be spread over.
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CA RAMESH KUMAR AHUJA

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CA RAMESH KUMAR AHUJA (Expert)
19 July 2008 Expenses incurred after the applicability of AS26 are to be w/off in the year of their spending while the expenses incurred earlier and appearing in the B.Sheet may be w/off over five years.




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