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Insurance premium paid

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SUMIT BADYAL

709 Points Posted on 03 February 2021

hi, payment of insurance premium (goods) comes under current assets or expenses.

Replies (4)

Quick Summary

This discussion clarifies whether insurance premiums paid should be classified as a current asset or an expense. While accounting standards like IndAS and IFRS can be complex, the consensus reached is that an insurance premium is generally treated as a current asset if accrued. Otherwise, under the mercantile system, it would be considered an expense.

yasaswi gomes

My grammar is 💯 good I

7306 Points Posted on 03 February 2021

That depends upon the insurance contracts which is vague even till date despite IndAS and AS and IFRS...This sucks and I’m busy.... Follow your old AS... or... you know what?ill find something for you in AS by tomorrow... man, AS is weaker before IndAS