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Expense off

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22 December 2008 If the Expense is not Expense off rather it is capitalize for eg: if the car is purchased and insurance charges is capitalized with car but it should ve expense off now wt i want to know, which section is applicable to this and how we express this in Internal audit report
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
26 January 2009 Revenue expenses cannot be capitalised. We have to mention that the profit has been overstated because the revenue expenses has been capitalised. Further you have to quantify the amount of revenue expenses capitalised in your internal audit report.
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