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Accounting for lease of land

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(Querist)
16 February 2011 If a real estate company has taken land on lease of 90yrs whether rent paid for the same should be reflected as WIP or Fixed asset and whether as 19 should be applicable or not? however as 19 specifically exclude land on lease from as 19.
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ca krunal aundhiya

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ca krunal aundhiya (Expert)
16 February 2011 as 19 would not be applicable in such a case.. it would be considered as a fixed assets only and not wip as per my opinion
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Sheetal Kapoor

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Sheetal Kapoor (Querist)
19 February 2011 if as 19 is not applicable then should it not be treated as operating lease?
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Guest

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Guest (Expert)
02 May 2012 No, operating lease is not applicable. As u mentioned leases excludes land.
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