PRIOR PERIOD
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 May 2011
ARREAR OF RENT PAID OF PREVIOUS YEAR TO BE TREATED AS A PRIOR PERIOD EXPENSE OR NOT
CA. RAVIKUMAR
(Expert)
14 May 2011
No.
it is not a Prior period expenses Because as per AS 5 the expense to be classified as a prior period expenses only when it not accounted during last years due to Error or omission
in your case it is not due to error or omission hence it is not a prior period expenses
it is not a Prior period expenses Because as per AS 5 the expense to be classified as a prior period expenses only when it not accounted during last years due to Error or omission
in your case it is not due to error or omission hence it is not a prior period expenses
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