random

Question 1

building life= 100 years, taken on lease for 3 yrs, treated as operating lease

Answer 1

this was allowed in old ias 17. but now LO will be booked

Question 2

why is govt grant treated as liability (deferred income) when it doesnt meet definition of liability according to framework (no obligation of outflow of economic resources)

Answer 2

matching principle. only other option is booking in PnL but thats against matching principle.

Question 3

u took a house on lease/ rent and taking maintenence service from land lord. old vs new ias treatment

Answer 3

old ias-
this was operating lease so both maintenence + rent used to go in PnL

now:
apportion the total payment on the basis of standalone prices.

Question 4

is it a lease if lessor has to replace vehicle while its being repaired

Answer 4

if the lessor doesnt have a right to replace vehicle other than this, then yes its a lease. if they can change daily, then its not a lease