Capitalisation of Insurance Premium and Registration Charges of newly purchased Car or
This query is : Resolved
FATEH RAJ GOYAL
(Querist)
15 October 2022
As per latest provision of Ind AS, what the accounting treatment has to be given for first Insurance Premium and Registration Charges of newly purchased car or movable machinery. As the the life of insurance premium normally remains for a single year. And another aspect is that without registration charges and first insurance premium the car cannot be usable. Please solve the query.
CA R SEETHARAMAN
(Expert)
16 October 2022
Insurance premium is periodical cost which cannot be capitalised.
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