IND AS 40

answered on 12-Mar-25 14:08

Sir the property taken on lease and sub leased as operating lease comes under IND AS 40, Is the orginal lease taken shd be Finance lease? if orginal lease is operating lease then we cant show it as investment property right, Kindly correct if me if i am wrong,

latest answer

With Ind AS 116, there is no distinction between operating and finance lease for a lessee. So if the lease contract allows subletting, even ROU asset (which is an operating lease for lessor) can be classified as IP

R Yashwanth Kumar

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What if lessor acquired another asset

answered on 12-Mar-25 14:09

I supplier owns only one which is suitable for contract is an identical asset. Sir but what if the subsequently the lessor acquired another rolling stock.... Whether it turns to unidentified asset? and turned out from lease contract?

latest answer

If another asset is acquired and the asset is not longer identifiable, then it is outside the scope of Ind AS 116

Ramamoorthy Fca

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14

balance sheet Format

answered on 12-Mar-25 07:04

Sir in this questionn while preparing the consilidate BS, we considered the given BS format only, as we didnt mentioned the FInancial assets heading for Trade recivables..... in BS , so in exam we can use the given BS format or we should do as per comapnies act Division II format ?

latest answer

Do as per Sch III in exams

Hemachandra D

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18

Classification of FA in Illustration 9

answered on 12-Mar-25 14:11

Why/How is the FA assumed to be measured using FVTOCI since there is no mention of any intention of the entity to sell the FA in the question?

latest answer

Based on info given in question we have considered it as FVTOCI. If it was FVTPL, transaction cost would be expensed.

Ruthvik Reddy Adala

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Seperate Financial Statement of Normal Entities

answered on 12-Mar-25 14:12

Sir, for preparation of Seperate FS of Normal eneities who dont have subsidiary/asscoiate/JV, for those no specific IND AS as such right ?, say if its company for whom IND AS applicable then for preparation of FS we have to consider the companies act format, guidance and apply IND AS for the items of the FS am i right ?

latest answer

Companies ACt has a separate format for financial statements for Ind As. That would be followed. Also note that Ind AS 27 provides more of a guidance on specific matters to be dealt in SFS

Hemachandra D

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22

Goodwill Treatment

answered on 11-Mar-25 20:28

Sir goodwill will not be treated seperately right in case of asscoiate for this problem ?, they will be just disclosed

latest answer

Yes

Hemachandra D

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IND AS 20

answered on 12-Mar-25 17:08

Sir in Ind AS 20, Is there any difference between deferred Grant income a/c and deferred grant liability a/c or both are same

latest answer

When recognised in Pl we call it income. When presented in BS its liability

R Yashwanth Kumar

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25

Inception of Lease

answered on 11-Mar-25 09:13

It was mentioned that inception of lease is earlier of (i) Date of agreement or (ii) Date on which principle terms and conditions are "agreed and signed". In the given example even though they have agreed the terms on 1st April but the agreement got "signed" only on 15th April. Then should 15th April be the inception of lease ?

latest answer

1st April

Banu Priya

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The assumption of Interest bearing liabilities

answered on 10-Mar-25 12:08

Dear Sir, Please give a example for a "The assumption of interest-bearing liabilities", Also, please clarify the below point, that if any interest paid to the vendor (relating to construction of a asset) by accepting the credit terms, whether the same can be assumed as Borrowing cost in excess of the interest paid to the original loan taken for the construction of the asset.

latest answer

Assumption of interest bearing liability could be something like issuing debentures or buying from creditor who charges interest. Say we purchase steel used for construction on credit. The creditor charges interest on this purchase. If the building being constructed is qualifying asset, the interest paid to creditor can be capitalised.

Chaitanya Sai Gupta

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What category of illustration is this ?

asked on 08-Mar-25 19:39

Sir is this same as earlier problems, what category this illustration belongs to ?, as in this case less than 50% is what acquired, and the reason we called as acquistioon of business as there is input and the substative process, i earlier presumeed that you need to have a control as well which should be more than 50% to consider it has business commbination and in the consolidated we used to consider the NCI as well so this problem is just a question about 33% stake acquired, but why not consider it has investment kind ? I understood how this illustration solved, just confused of why we incorporated all the assets to the extent of only 33% considering it has acquistion of business as earlier we used to consider 100% of assets with NCI and we didnt considered NCI in this case

latest answer

No answers yet!!

Hemachandra D

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