Revised sch. vi
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 October 2012
ACCORDING TO REVISED SCH. VI WHAT WILL THE TREATMENT OF PRELIMINARY EXPENSES AND PRE-OPERATIVE EXPENSES (TO THE EXTENT NOT WRITTEN OFF). WHERE AND IN WHICH HEADING THESE ITEMS WILL BE SHOWN.
CA Sourabh Agarwal
(Expert)
07 October 2012
According to Revised Schedule VI, Accounting Standards prevails over Schedule VI. AS 26 says that any such expenses does not qualify to be ASSET.
As such legally such expenses does not have any existence. Still if anyone has such expenses, show it in "Other Non-Current/Current Asset" depending on their tenure of write off.
As such legally such expenses does not have any existence. Still if anyone has such expenses, show it in "Other Non-Current/Current Asset" depending on their tenure of write off.
07 October 2012
If the second alternative is adopted,among the two mentioned above, the sub line item may be named as "unamortised expenditure".
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