Accounting Treatment of Leasehold land? Whether can be revalued under AS 10?
This query is : Resolved
Kajal Shah
(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?
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.
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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