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Accounting Treatment of Leasehold land? Whether can be revalued under AS 10?

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(Querist)
24 August 2023 Can a Leasehold land (taken on lease for 99 years) be revalued under AS 10? Also, please suggest the accounting treatment?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
24 August 2023 It can't be revalued as ownership is not with lessee.
NCLAT found that leasehold rights satisfy all three criteria to meet the definition of an intangible asset, i.e., identifiability, control over the resource by the enterprises and expectation of future economic benefits to the enterprise.
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