IND AS-116
This query is : Resolved
15 December 2021
Dear Expert,
We are the service receiver from Landlords and paid rent on half yearly basis. The payment will be made once agreement received and will update the details in IND AS-116 tools to find ROU, etc.
Here we have received agreement and first payment done in the month of Sep'21 and the details has been updated in the Tools for the FY 21-22( From Feb'21 to Sep'21 ). we have not given any impact for the FY 20-21 but the auditor not agreed and instructed to make ROU& Other related entries for the FY 20-21. Please confirm is this right way.
My doubts.
After receiving agreement only, we will know the agreement start date, rent star date, etc. in this case we have received agreement & 1st payment done in the month of Sep'21 only. This is the reason we have not given any entry impact for this contract for the FY 20-21 ( Feb'21 & mar'21 ). Please confirm, is this mandatory to make the entry for the month of Feb'21 & Mar'21 periods ( ROU, etc ) or shell we make the entries in the FY 21-22.?
We are the service receiver from Landlords and paid rent on half yearly basis. The payment will be made once agreement received and will update the details in IND AS-116 tools to find ROU, etc.
Here we have received agreement and first payment done in the month of Sep'21 and the details has been updated in the Tools for the FY 21-22( From Feb'21 to Sep'21 ). we have not given any impact for the FY 20-21 but the auditor not agreed and instructed to make ROU& Other related entries for the FY 20-21. Please confirm is this right way.
My doubts.
After receiving agreement only, we will know the agreement start date, rent star date, etc. in this case we have received agreement & 1st payment done in the month of Sep'21 only. This is the reason we have not given any entry impact for this contract for the FY 20-21 ( Feb'21 & mar'21 ). Please confirm, is this mandatory to make the entry for the month of Feb'21 & Mar'21 periods ( ROU, etc ) or shell we make the entries in the FY 21-22.?
09 February 2022
The main focus of IND AS 116 is on the right to use of the asset. Even though there is no agreement entered but the asset is being used or the "right to use" has been transferred, and if there are any monetary transactions IND AS 116 comes into effect and in my opinion, the amount is required to be recognized
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Difference in tax comparison report
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
