Lease -

Operating Lease A Shopping Mall is taken on lease and it is sub leased to various tenants. IAS 17/ AS 19 is applicable for the same while recognizing Expense from the point of view of lessee and Income from the point of view of Lessor.

AS/IAS says Lease income/Expense from operating leases should be recognised in the statement of profit and loss on a straight line basis over the lease term, unless another systematic basis is more representative of the time pattern in which benefit derived from the use of the leased asset is diminished.

Can any one interpret above lines with example.

If possible share the impact of the same in Financial statement with example.Also any excel file to work on the same.

Viz: For Example
1.Lease agreement is for a period of 5 Years and each year rent is changing progressively.
2. What happens if tenant cancels agreement in between. what will be the impact on income which is already recognized on Straight line basis.
3. How the impact need to be taken if the company is only considering one year rentals as revenue and recognizing only that portion as revenue.

Thanks & Regards

I am new article traniee. I need help in aspects to be covered in bank audit. I know the overall aspects but dont know how to conduct audit in various areas. For eg i want to know the aspects to be checked of personal loan. If any has any file or self.made notes. Pls share.

Please can anyone tell me journal entry for export incentive entries .when to recognise the income and loss or profit entry .please clarify duty drawback and exporthe licence both are same or different .9840479900

pvt co. has taken loan from 1) dir,relative n shareholders(which is now allowed) do we still hav to report in independent audit report?? if yes, then where as there is no clause in new IAR 2)what about other unsecured loans.. their treatment???

Dear, sir i have one case of partnership firm Dealing in property construction and sale of property, is case me quary yeh hai ki, property me 26 flat sale kiye hai kuch flat firm ke name se sale huye hai aur kuch parners ke name se (registry galti parner ke name se ho gayi) is case me jo sale tornover hai wo kya hum firm ka mane ya parners ke indivdual ka ? aur jis land per property ka construction hua hai wo partner ki hai parner ne land as a capital contribution (joint venture)firm me use ke liye diya hai is case me solution kya hoga

A Private limited company is following Depreciation as per Income tax act in their annual accounts for the past so many years. Now for the year 2014-15, can they follow the same method?
If they follow that method, is there any qualification to be made in the Audit report by CA. Gross block of assets is also not available with the company.

Please clarify

Hi friends,



Query 1

Is MGT 14 no longer required even for SPECIAL BUSINESS in private companies?
I mean whether only DIR 12 is to be filed for confirming Additional Director into Permanent Director?

Pls send me the relevant MCA extract




Query 2

In many companies, form DIR 12 could not be filed to confirm Additional Director into Permanent Director till 30th Oct 2015 (assume AGM date: 30/09/2015).....
Can a company appoint a director in AGM with a pre condition (well mentioned in resolution also) to appoint director FROM 15TH October (TO SAVE PENALTY OF DIR 12 & MGT 14(if reqd))



Query 3

Can any company confirm additional director in EGM also (properly held before due date of AGM)?
Suppose that EGM is held in May 2015 (whether MGT 14 is required to be filed)


Pls solve the issues.....

I would be grateful...


WARM REGARDS
FCA CS ANKIT SOMANI
CA (First Attempt, Ranker)
CS (Ranker, Silver Medalist
+91-98297-45560

dear expert
as per the rbi circuller bank need to collect purpose letter again cash transaction =>10 laks per day and cumulative cash transaction =>10 laks also,
e.g if for day ther r 3 cash transaction i.e 1) 11,00,000 2) 4,00,000 3) 5,00,000
and customer provids only 1 purpose letter against 11lakhs transaction so is it ok if he dont provid letter against (4lhks+5lhks) as the total is 9lakhs only which is below 10 lakhs...and if the other 2 transaction total exceed 10 lakhs than only bank needs to collect letter for that..

how to start a bank concurrent audit??major poin ts and daily routine to be considered for this???

Hello,

A fire occured in my client's premises resulting into destrcution of all the books of accounts alongwith evidences. So, should we give disclaimer of opinion report or a report which we can frame from our working papers.

Also, our audit fees is pending since last 3 years so whether we can deny to sign the audit report or we need to sign the report.

Please advise at the priority.