Reporting of lease Land as per AS

As per the accounting standards applicable to small companies in India, lease land should be reported in the balance sheet under the category of Fixed Assets. 

1. Determine the cost of the lease land: The cost of the lease land should include the initial lease payment, any legal or other fees associated with acquiring the lease, and any improvements made to the land.

2. Depreciation: Lease land is considered as a fixed asset and should be depreciated over its useful life. The useful life of lease land is usually the term of the lease or the remaining lease term, whichever is shorter.