Hi friends,
Please reply me that land taken for lease for the period of 99 years, whether this land shown in schedule of fixed assets as Free hold Land or Leasehold Land??
Please give reference of applicable Accounting Standard, if any.
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Disclosure of Land
Replies (1)
No ASs applicable. AS 19 exempts leasehold rights of land. It shall be shown as part of fixed assets-land. (As leasehold land)
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