Doubt on recognition on expenses

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suneel (Querist)
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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

CA. Yayati Tyagi

CA. Yayati Tyagi (Expert)
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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.

suneel

suneel (Querist)
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30 May 2008 Thank u sir,

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