07-16-2009, 02:38 AM
As far as the question of significant or insignificant is concerned...IFRS does not prescribe a thumb rule for that...and in that case professional judgement needs to be applied in every situation... Some amounts might be significant for a small company and insignificant for a large company.
My view, according to the limited knowledge i have, is that when the cost of renewal is insignificant, it should be expensed.
My view, according to the limited knowledge i have, is that when the cost of renewal is insignificant, it should be expensed.
