Recent orders

clearly states that while preparing financial statements a degree of caution is required such that assets or income are never overstated and liabilities and expenses should never be understated. Accordingly

in case of BEP

in the BEP’s case inventories are stated at only on historical cost. Since

the author from whom the license was obtained has retired; the company however holds worth £ 680

an intangible asset once recognized and acquired subject to the criteria that has a definite useful life and its cost has been measured reliably and the expected future economic benefits will flow to the entity. In the BEP’s case

although it has complied with requirements of IAS-38 in terms of recognition of its licenses and copyrights