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capitalisation of vehicle (AS10)

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(Querist)
25 June 2009
Dear experts,

I would like to know whether initial insurance taken for a new vehicle(fixed Asset) should be capitalised along with the vehicle?..

thanking you

Alvin
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CA Vishvesh

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CA Vishvesh (Expert)
25 June 2009 Alvin

If the insurance is pre-requisite to bring an asset into its present condition to use then you can capitalise the same. But if it is to keep asset in useable condition all the time then u have to expense it out.
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