Prepaid Expenses
Code: 1140
👁 Views: 46
Account Information
| Account Type | Statement of Financial Position |
| Normal Balance | Debit |
Definition
Expenses paid in advance
Sub-accounts
International Accounting Standards
IFRS
IAS 1
Presentation of Financial Statements
Prepaid expenses classified as current assets if benefit received within 12 months.
US GAAP
ASC 340
Other Assets and Deferred Costs
Same current/non-current classification. Deferred costs with specific guidance under ASC 340.