Question
As per the Indian Accounting Standards, a company enters
into a lease for a building for 9 years, and the building's useful life is 10 years. The contract transfers ownership of the building at the end of the lease term. Determine the nature of this lease and how it should be treated in the books of the lessee.Solution
As per Ind-AS 116, if the lease term covers a major part of the asset life and ownership transfers, it's classified as a finance lease, recorded on balance sheet.
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