https://www.taxtmi.com/forum/issue?id=1018 Accounting for an AMC spanning two years requires applying the matching principle: charge the portion of the contract period that falls in the current year to expense and treat the remainder as prepaid; if unpaid at year-end, recognise a liability (accrual) for the current year's expense and adjust that liability on payment or at next renewal. en-us Sat, 07 Feb 2009 12:29:35 +0530 Thu, 23 Jan 2025 15:58:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=1018 Accounting for an AMC spanning two years requires applying the matching principle: charge the portion of the contract period that falls in the current year to expense and treat the remainder as prepaid; if unpaid at year-end, recognise a liability (accrual) for the current year's expense and adjust that liability on payment or at next renewal. Discussion-Forum Income Tax Sat, 07 Feb 2009 12:29:35 +0530 https://www.taxtmi.com/forum/issue?id=1018