I just wanted to know the accounting treatment of Asset under Construction
Like how to recognize Amount "Paid to Electric Contractor"?
Should i recognize Expenses on "Asset under Construction" as an Expense or Show as an Asset (as WIP)????
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Building under construction
Replies (3)
Any Amount paid towards Construction of Asset should be Capitalized,however there are a few exceptions to it.
Mr. Khanna Thanks for your response...
My question is, Should i capitalize these expenses from the very begining ?? where can i get the text pertaining to this.....
Refer AS 10 : Fixed Assets
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