Doubt on recognition on expenses
This query is : Resolved
29 May 2008
Pls help on the below doubt:
As on 31st march Company has spend an huge amount to obtain an contract but there is possibility in getting the contract is 50-50 so as on 31st march where should we book the expenses -- either as expense or asset.
If so which accounting standard we should follow?
Thanks
As on 31st march Company has spend an huge amount to obtain an contract but there is possibility in getting the contract is 50-50 so as on 31st march where should we book the expenses -- either as expense or asset.
If so which accounting standard we should follow?
Thanks
30 May 2008
i think as per and matching concept, u shud wait for that contract and in current year treat those exp. as asset.
in the year, in which contract is either recd. or lost debit all exp. to P&L.
in the year, in which contract is either recd. or lost debit all exp. to P&L.
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