Leasehold property - audit process, Auditing

Leasehold Property - Audit Process

Exactly the same process is adopted for leasehold buildings and land as applied about freehold buildings and land except in the matter of depreciation. Here is no split between buildings and land while it is leasehold. The buildings and land are amortized over the life of the lease even if the buildings should an economic life longer than which of the lease. The argument for this is such the landlord after the end of the lease can comfortably inquire you to go and take your building and he wants his land back. The term required is amortization not depreciation.

Posted Date: 1/25/2013 1:51:48 AM | Location : United States







Related Discussions:- Leasehold property - audit process, Assignment Help, Ask Question on Leasehold property - audit process, Get Answer, Expert's Help, Leasehold property - audit process Discussions

Write discussion on Leasehold property - audit process
Your posts are moderated
Related Questions
Requirements of the Companies Act Here the seventh schedule to the Companies Act gives the matters which must be expressly stated in the AUDITOR'S REPORT 1. Where they have

The Concept of Audit Evidence Auditing is an evidence gathering exercise. It is an exercise carried out to confirm the assertions made by the management in carrying out the man

advantage and disadvantage of joint auditor?

what a group auditing and holding campanies in details with exmple propurly???

Detail work on stocks - Audit of Current Assets Detail work on stocks is imperative in an audit, since there are other review tests that are equally important and these includ

Principles of Auditors Procedures i. The financial statements should be prepared on the source of conditions existing on the balance sheet date. ii. The material post balance

Share and deposits Shares may consist of subscription shares and paid up shares. Interest on shares might be credited to the accounts rather than being paid to ensure proper co


Planning for Stock taking Stock taking should be planned well in carried out and advance carefully and systematically through persons fully informed of the duties involved. Th

Higher  normal risk Several audit assignments involve high audit risk and usually in any client there will always be at least one high risk area.  Indications that an audit has