hey friends
i have an doubt about preliminary expenses
in a company expenses incurred for incorporation
now what to do.
1) wheather to writte off as per AS-26 they are not quailifying defination of asset
2) treate them as asset. if yes where to show them in revised schdule vi
thanks in advance
PL REF TO GUIDANCE NOTE ON REV SCH VI (DRAFT). AT PAGE 50 IT IS CLEARLY MENTIONED THAT WE CAN DISCLOSE UNAMORTISED PORTION OF SUCH EXPENSES AS UNAMORTISED EXPENSES UNDER THE HEAD 'OTHER CURRENT/NON-CURRENT ASSETS' DEPENDING ON WHETHER THE AMOUNT WILL BE AMORTISED IN THE NEXT 12 MONTHS OR THEREAFTER.
CAclubindia
