Nature of Expences
This query is : Resolved
02 March 2010
If i have purchased a new Asset and i have incurred insurance exp. at the time of purchasing a new asset than the exp. of insurance should be capitalised or it should be taken as revenue exp.
Give me advise for the same.
Give me advise for the same.
02 March 2010
Insurance should be treated as revenue expenese.
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02 March 2010
yes, these r the revenue expenditure as you are going to incur those everymonth, we capitalize those expenses which are not in reccuring kind of..
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CA Ravi Sisodia
(Expert)
02 March 2010
agree ,insurance exp. is treated as revenue expenses.
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CMA Ramesh Krishnan
(Expert)
02 March 2010
My view , Insurance at the time of purchase can be capitalisied as per AS-10 and further renewals can charge off as revenue expenses
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