Prior period expenses
This query is : Resolved
12 December 2009
Dear sir,
Our client received a bill for retainership FEES for the financial year 2007-08 on current date i.e 21.10.2009.
Is this expense treated as prior period expense.
Please answer it keeping in view AS-5.
Thanks
Dear sir,
Our client received a bill for retainership FEES for the financial year 2007-08 on current date i.e 21.10.2009.
Is this expense treated as prior period expense.
Please answer it keeping in view AS-5.
Thanks
12 December 2009
Yes, it is a prior period expense.
According to AS-5, Prior Period Items are income or expenses, which arise in current period as a result of error or omission in the preparation of financial statement of one or more prior periods.
According to AS-5, Prior Period Items are income or expenses, which arise in current period as a result of error or omission in the preparation of financial statement of one or more prior periods.
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