Accounting for lease of land
This query is : Resolved
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.
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
19 February 2011
if as 19 is not applicable then should it not be treated as operating lease?
Guest
Guest
(Expert)
02 May 2012
No, operating lease is not applicable. As u mentioned leases excludes land.
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