Treatment of preliminary expenses
This query is : Resolved
02 October 2013
Dear Sir/Madam,
There is a doubt regarding the exhibition of Preliminary Expenses Not written off in the Balance Sheet (under 'Non Current Assets' ).
One section of the auditors feel that as per the revised norms (Schedule VI), the Preliminary expenses should be written off totally in the first year itself and should not be shown in the Balance Sheet. So how to take it forward.
There is a doubt regarding the exhibition of Preliminary Expenses Not written off in the Balance Sheet (under 'Non Current Assets' ).
One section of the auditors feel that as per the revised norms (Schedule VI), the Preliminary expenses should be written off totally in the first year itself and should not be shown in the Balance Sheet. So how to take it forward.
02 October 2013
Better to expense it out in the year of occurrence though another school of thought suggest to put in 'non current assets'.
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