Legal Fees
Code: 5271
👁 Views: 18
Account Information
| Financial Statement | Income Statement |
| Normal Balance | Debit |
Definition
Fees for lawyers, legal consultations, and litigation costs.
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 37
Provisions, Contingent Liabilities and Assets
US GAAP
ASC 720
Other Expenses
❓ Frequently Asked Questions
Q: How are legal fees recorded?
A: Dr. Legal Fees, Cr. Bank or Accounts Payable.