UITF Abstract 24 Accounting for Start-up Costs
Issued June 2000. Effective accounting periods ending on or after 23 July 2000.
UITF Abstract 24 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:
Synopsis
The consensus is:
- Start-up costs should be accounted for on a basis consistent with treatment of similar costs incurred as part of the entity’s on-going activities.
- Where there are no similar costs, start-up costs which do not meet the criteria for recognition of assets under a relevant accounting standard should be recognised as an expense when incurred.
Last updated 21 June 2015