Lease IND AS 116
This query is : Resolved
02 July 2020
One building was taken on lease for 30years which was expired on 21/11/2010 and as per our request, lessor renewed for another 15 years from 21.11.2010 to 20.11.2025 . The entire lease payment for 15 years has been paid on 08.05.2018 amounting to Rs 2.5 crores and legal formalities of lease completed.
This lease payment is single time and no future lease payment for coming years and therefore,capitalised entire Rs2.5 crores during 2018-19
Now,whether IND AS 116 is applicable from FY 2019-20 or to be treated as per IND AS 16
This lease payment is single time and no future lease payment for coming years and therefore,capitalised entire Rs2.5 crores during 2018-19
Now,whether IND AS 116 is applicable from FY 2019-20 or to be treated as per IND AS 16
09 August 2020
https://www.mca.gov.in/Ministry/pdf/RuleIndAsEng_30032019.pdf
https://mca.gov.in/Ministry/pdf/INDAS16.pdf
https://mca.gov.in/Ministry/pdf/INDAS16.pdf
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