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Dear Tutor-
please can you kindly explain these terms and how they affect the P&L account and SoFP – as I am not clear about them- sorry- ( as I didn’t do FA)I understand when you expense something- that means it’s deducted in P&L so it reduces the entity’s profit & reduces the tax too- I’m correct
When you Capitalise an asset/loan/ development project etc – that means wat actually- i am not really sure- sorry
Many thanks
regards
NaomiExpense – P&L – e.g. research costs
Capitalise – SFP – e.g. development costs, PPE (usually used for NCA)
If in doubt write ‘recognise in P&L’ or ‘recognise in SFP’.
Thank you
When you Capitalise an asset/loan/ development project etc – that means wat actually ??- i am not really sure- sorry
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