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Software updation expenses
A company has paid a large amount around 80 lakhs for the updation of SAP software. What accounting should be done for this?
Replies (5)
Open a new account as purchase of Computer Software in fixed assets.
actually client has treated it as computer expenses
so is it correct?
Seems this will be governed by AS 26 and Intangible assets is recongnised only when following condition are sasified.
1. Identifiability
2. Control over a resoucres and
3. expectation of future economic benefts flowing to entity.
Thank you for your help sir.
Agree with Sunil Ji
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