29 April 2008
CLARIFICATION REQUIRED REGARDING COMPANY HAS HYPOTHECATED THE VEHICLE AND LOAN HAVE BEEN TAKEN AND MONTHLY REPAYMENT HAVE BEEN REGULARLY DEPOSITED
MY QUERY IS WHETHER DISCLOSURE IS REQUIRED TO BE MADE IN ACCOUNTING STANDARD OF LEASES OR WHETHER IT IS NOT APPLICABLE
30 April 2008
I think there is no need to disclose under "Lease" as the nature of transaction does not look like a lease, it is a loan against hypothecation.
General disclosure into Notes to accounts about hypothecation should be enough.
CAclubindia
