alleryStart learning →AS 19 does not apply to lease agreements to explore for which resources?
AComputer equipment
BMotor vehicles
CPlant and machinery
DOil, gas and minerals
Answer & Solution
Correct answer: D. Oil, gas and minerals
Exploration or use of natural resources such as oil, gas, timber and metals is excluded by scope paragraph 1(a).
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Leaving a finance lease off the lessee's balance sheet understates obligations and distortFor a lessee, the amount of a residual value guarantee is theA lessor on finance leases also discloses accumulated provision forWhich must a lessor disclose for finance leases?In a finance leaseback, the carrying amount is written down only if there isLeaseback below fair value, loss offset by cheap rentals, isAsset sold at fair value Rs 6 lakh, carrying amount Rs 8 lakh, operating leaseback. Loss rOperating leaseback above fair value: the excess is