Travel Expense
Code: 5216
👁 Views: 44
Account Information
| Account Type | Income Statement |
| Normal Balance | Debit |
Definition
Business travel and transportation expense
International Accounting Standards
IFRS
IAS 1
Presentation of Financial Statements
Travel costs expensed when incurred. Advances settled against actual expenses on return.
US GAAP
ASC 420
Exit or Disposal Cost Obligations
Same expensing. Employer reimbursement policies determine timing of recognition.