Accounting Standards
This query is : Resolved
17 March 2008
hi,
Is logo design expenses is covered under AS 26. Can it be capitalised.
Is logo design expenses is covered under AS 26. Can it be capitalised.
17 March 2008
Yes design expenses are covered under AS26. It can be capitalised only if it satisfied the crieterions of intangible assets as defined under AS 26 i.e. it should be controllable by firm, it should be identifiable and there is expectation of future economic benefits flowing from m it
CA. Amit Daga
(Expert)
17 March 2008
Logo should be utilised for your bussiness purpose or a specified purpose
17 March 2008
YES COVERED UNDER AS 26
17 March 2008
The three conditions for capitalisation of design expenses as Intangible assets as given under AS 26 are:
1) Identifiable -- Seems to be satisfied
2) Future Economic Benefits -- satisfied
3) Controllable -- I am confused with this condition. I believe, this condition will not be satisfied until u have the ownership of the asset. And until u registered ur logo, u may not stop others to use it.
So, i would like to ask our friends to throw some light on this issue..
1) Identifiable -- Seems to be satisfied
2) Future Economic Benefits -- satisfied
3) Controllable -- I am confused with this condition. I believe, this condition will not be satisfied until u have the ownership of the asset. And until u registered ur logo, u may not stop others to use it.
So, i would like to ask our friends to throw some light on this issue..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- 18% Rent a cab
- Movement of goods by packers and movers - type of sale - Reg.
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Gst credit note by supplier
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Appointment of Auditor By Form ADT-1
- TDS Return Statement Status
- Rectification under processing even after 6 months cpc portal
- Closer of business and itc of capital goods
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
