[612200] Notes - Leases in xbrl
This query is : Resolved
25 June 2024
Hello everyone,
We have taken office premises on rent for 5 years.
In xbrl there is a note relating to - leases where consultant has mentioned as No
Is there any lease transaction - no ?
I have following queries
1. My understanding is that it should be yes but i am sure ?
2. Does this note is as per accounting standard on lease ??
We have taken office premises on rent for 5 years.
In xbrl there is a note relating to - leases where consultant has mentioned as No
Is there any lease transaction - no ?
I have following queries
1. My understanding is that it should be yes but i am sure ?
2. Does this note is as per accounting standard on lease ??
06 July 2024
The note in the XBRL (eXtensible Business Reporting Language) report should comply with the relevant accounting standard on leases.
Under IFRS 16 (International Financial Reporting Standard 16) and ASC 842 (Accounting Standards Codification 842), companies are required to recognize lease assets and liabilities on the balance sheet.
If the note states "No" to lease transactions, it may be an error or misunderstanding unless there is a specific reason why the lease does not meet the criteria set out in the relevant accounting standard.
Under IFRS 16 (International Financial Reporting Standard 16) and ASC 842 (Accounting Standards Codification 842), companies are required to recognize lease assets and liabilities on the balance sheet.
If the note states "No" to lease transactions, it may be an error or misunderstanding unless there is a specific reason why the lease does not meet the criteria set out in the relevant accounting standard.
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