Search found 2 matches
- 05 May 2023, 08:17
- Forum: General accounting and financial reporting discussion
- Topic: Can a leased land be part of PPE of the lessee's books of accounts in any way?
- Replies: 2
- Views: 13222
Re: Can a leased land be part of PPE of the lessee's books of accounts in any way?
Under International Financial Reporting Standards (IFRS), leased land may be recognized as a Right-of-Use (ROU) asset or a Property, Plant, and Equipment (PPE) asset, depending on the nature of the lease. Under IFRS 16, leases are classified into two types: finance leases and operating leases. For a...
- 19 Apr 2023, 13:46
- Forum: General accounting and financial reporting discussion
- Topic: How to account for these transactions?
- Replies: 4
- Views: 14464
Re: How to account for these transactions?
So, when the customer signs the contract and provides a bank cheque, there isn't really a transaction that's occurred yet. As a result, there wouldn't be an entry to record in the accounting system at that point. The entry for Accounts Receivable would only come later when the cheque is due and coll...