Disclosure under AS-19

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Abhishek

Abhishek (Querist)
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21 July 2008 What are the disclosure under As-19 to be made and any example for that.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)
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22 July 2008 There is a requirement for disclosure in the annual accounts. Clause 25 of the standard stipulates the disclosure requirements.
Initially the accounting policy adopted for lease accounting is to be given in heading of Significant Accounting Policies.(This is a requirement of disclosure as per AS1)

Disclosure as per AS19

DISCLOSURE AS NOTE:
Details of leases which are not cancelable with the their rental expenses and income are to be given by the lessor and lessee for the periods of their expiry as given below:
Not later than one year
Later than one year but not five years
figures of rental payable or receivable in case of lessor or lessee respectively.

Also, give other main terms of the lease agreement such as renewal etc.

In case the agreement is cancelable by giving a notice for very short duration then the note may be as per under:
"All Operating Leases entered into by the Company after 31.03..... are cancelable on giving a notice of 1 to 3 months.

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