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Rahul Sharma

Rahul Sharma

CA Final

3K+

21-Feb-20 22:55

9

AS 25 Interim Financial Reporting

In the annexed illustration, expenditure incurred towards property tax for calender year for Q1 was treated as outstanding or prior period expense? If it is treated as prior period expense, then additional disclosures are required to be made, right? If not, then what will be the treatment and disclosure w.r.t. same?

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Answers (1)

Suraj Lakhotia

Suraj Lakhotia

Admin

24-Feb-20 06:20

Property tax assessed cannot be considered to be a prior period item. A provision would have been created in the previous periods.