disclosure requirement regarding intangibles written off
This query is : Resolved
08 March 2011
Hi,
one of our client's have intangible assets appearing in there financials. the same was acquired in 2004 and is now fully amortized, but still they are showing it at gross value less full amortization i.e. @ nil value.
are we still required to show it in financials?
one of our client's have intangible assets appearing in there financials. the same was acquired in 2004 and is now fully amortized, but still they are showing it at gross value less full amortization i.e. @ nil value.
are we still required to show it in financials?
10 March 2011
In my opinion, as long as the Assets are in use by the entity and neither discarded nor written off, Gross Block & Cumulative Depreciation / amortization needs to be disclosed in the Financial. By removing the same from the Financials, the entity may loose the track of the Assets and even even may be missed out from the physical verification also.
In my opinion, as long as the Assets are in use by the entity and neither discarded nor written off, Gross Block & Cumulative Depreciation / amortization needs to be disclosed in the Financial. By removing the same from the Financials, the entity may loose the track of the Assets and even even may be missed out from the physical verification also.
Message likes :
1 times
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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- DIN reactivation
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Condonation . E-Verification of last year return .
- Eway bill generation from place other than registeted
- GST rate and HSN code for sale of racing horses
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- CREDIT NOTES WITHOUT GST
- Query – TDS on purchase of land from NRI under Income-tax Act, 2025
- Depreciation of fixed assets- coop housing society in mumbai
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
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
