Treatment of Prepaid Insurance

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5 Points Posted on 03 September 2021
can we show prepaid insurance as asset? if yes please provide which IND AS allows that.
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On 03 September 2021 at 20:49 Report
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This discussion explores whether prepaid insurance can be classified as an asset under Indian Accounting Standards (IND AS). While it's a standard accounting practice, the specific IND AS paragraph that explicitly permits this treatment is sought. IND AS 109 is suggested as a relevant standard for further reference.

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Chartered Accountant
24588 Points Posted on 03 September 2021
You can show prepaid insurance as current assets
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On 03 September 2021 at 20:53
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5 Points Posted on 03 September 2021
I know I can but my question is which Para of which IND AS says that?
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On 03 September 2021 at 20:55
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Chartered Accountant
24588 Points Posted on 03 September 2021
It's only a part of normal accounting process
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On 03 September 2021 at 20:56
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5 Points Posted on 03 September 2021
There is no IND AS which can validate your answer?
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On 03 September 2021 at 20:58
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Chartered Accountant
24588 Points Posted on 05 September 2021
You may Refer IndAS 109
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On 05 September 2021 at 08:05

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