Accounting of Lease hold land
This query is : Resolved
31 December 2008
Fact of the case
Lease Priod 30 Years
T&C Renewual of lease at expiration for furter five year at the descrition of lessor.
Q: Please clerify me whether the capitalization of lease Premium paid at initial stage will amortize during 30 year?
and
what accounting treatment will be done for
-Annual Lease rent
-Annual Maintenance Charges
Whether ICAI has issued any clerification or guidance for accounting of leasehold land?
Lease Priod 30 Years
T&C Renewual of lease at expiration for furter five year at the descrition of lessor.
Q: Please clerify me whether the capitalization of lease Premium paid at initial stage will amortize during 30 year?
and
what accounting treatment will be done for
-Annual Lease rent
-Annual Maintenance Charges
Whether ICAI has issued any clerification or guidance for accounting of leasehold land?
01 January 2009
1. Yes, you can amortise the Initial stage over the lease period.
01 January 2009
Post the Annual charges to P&L account.
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