[612200] Notes - Leases in xbrl
This query is : Resolved
25 June 2024
Hello everyone,
We have taken office premises on rent for 5 years.
In xbrl there is a note relating to - leases where consultant has mentioned as No
Is there any lease transaction - no ?
I have following queries
1. My understanding is that it should be yes but i am sure ?
2. Does this note is as per accounting standard on lease ??
We have taken office premises on rent for 5 years.
In xbrl there is a note relating to - leases where consultant has mentioned as No
Is there any lease transaction - no ?
I have following queries
1. My understanding is that it should be yes but i am sure ?
2. Does this note is as per accounting standard on lease ??
06 July 2024
The note in the XBRL (eXtensible Business Reporting Language) report should comply with the relevant accounting standard on leases.
Under IFRS 16 (International Financial Reporting Standard 16) and ASC 842 (Accounting Standards Codification 842), companies are required to recognize lease assets and liabilities on the balance sheet.
If the note states "No" to lease transactions, it may be an error or misunderstanding unless there is a specific reason why the lease does not meet the criteria set out in the relevant accounting standard.
Under IFRS 16 (International Financial Reporting Standard 16) and ASC 842 (Accounting Standards Codification 842), companies are required to recognize lease assets and liabilities on the balance sheet.
If the note states "No" to lease transactions, it may be an error or misunderstanding unless there is a specific reason why the lease does not meet the criteria set out in the relevant accounting standard.
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Applicable TDS rate for sale of property in Nov 2024
- Import license renewal
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
