Hi All,
We have recently just signed a lease for a new office which we're due to move into starting from Jan 22. As it's a new building, we are fitting out the building ourselves. We will be incurring design fees of circa £50k relating to our future office leasehold additions. We prepare our accounts under FRS 102-1A. How would you account for costs associated with the design of the new office please?
Any help would be greatly associated.
Many thanks,
Asma
UK GAAP: How is Design fee relating to new office accounted for?
Re: UK GAAP: How is Design fee relating to new office accounted for?
Under IFRS, such costs are generally recognised as separate assets - referred to as leasehold improvements
Re: UK GAAP: How is Design fee relating to new office accounted for?
Yes - FRS 102 17.10(B)