INDAS16- Warehouse Leasing
This query is : Resolved
01 April 2020
Dear Experts
Company A has appointed a C&F Agent , who is providing the services from a warehouse owned by him/Lease from some one else.
Lets say the company pays Rs X as per month fixed charges that included use of the warehouse as well.
the company decides how the warehouse will be maintained , temperature etc among others .
In such a cases is there an identified asset . Do the company has a control over the use of the ware house .
Many Thanks in advance
Company A has appointed a C&F Agent , who is providing the services from a warehouse owned by him/Lease from some one else.
Lets say the company pays Rs X as per month fixed charges that included use of the warehouse as well.
the company decides how the warehouse will be maintained , temperature etc among others .
In such a cases is there an identified asset . Do the company has a control over the use of the ware house .
Many Thanks in advance
08 May 2020
There can not be any form of assets in the books of accounts for the company. C&F have to meet the periodical sales targets or other requirements as per agreements and how warehouse is being used is mostly in control of C&F only subject to any specific requirements which may vary from case to case basis and based on industry. Expenses are being reimbursed by the company and C&F gets target incentives and other incentives as agreed.
Hope it helps. I would also request seniors to add more on this.
Hope it helps. I would also request seniors to add more on this.
14 June 2020
There can not be any form of assets in the books of accounts for the company. C&F have to meet the periodical sales targets or other requirements as per agreements and how warehouse is being used is mostly in control of C&F only subject to any specific requirements which may vary from case to case basis and based on industry. Expenses are being reimbursed by the company and C&F gets target incentives and other incentives as agreed.
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