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treatment of pre incorporation treatment

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(Querist)
03 August 2007 We are setting up a new subsidiary abroad so what would be the treatment of pre incorporation expenses in the consolidated financial statements whether it would be completely written off as start up cost under AS-26 Intangible assets.
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D.C AHUJA

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D.C AHUJA (Expert)
05 August 2007 YOU SHOULD CAPITALIZED THE SAME FIRST AND W.OFF IN NEXT YEAR WHEN WORK/BUSINESS STARTS.
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Raj

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Raj (Expert)
10 August 2007 YES IT SHOULD BE WRITTEN OFF IN THE YEAR OF BUSINESS COMMENCEMENT , BUT DEFINATELY IT SHALL CREATE DEFFERED TAX ASSET.
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