Leasehold property - audit process, Auditing

Assignment Help:

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.


Related Discussions:- Leasehold property - audit process

Explain the objectives of an independent audit, Kevin Black, the sole owner...

Kevin Black, the sole owner of a small bakery, has been told that the business should have financial statements reported on by an independent auditor. Kevin Black, having some b

What ethical and economic issues did the auditors consider, Blowing the Whi...

Blowing the Whistle on Former Partners On St. Patrick's Day in 1992, Chambers Development Company, one of the largest landfill and waste management firms in the United States, a

Qualities for final accounts, Qualities for Final Accounts The qualiti...

Qualities for Final Accounts The qualities needed of the final accounts: the final accounts must possess specified qualities and these are: a) Utilize of acceptable account

Evidence, Method of corrercting evidence?

Method of corrercting evidence?

Conformity and conservatism - external auditor report, Conformity and Conse...

Conformity and Conservatism - External Auditor Report Conformity Although the user of the accounts expects the accounts to conform to general accepted accounting princi

Audit report, You are auditing XYZ company for the year ended 12/31/2012 an...

You are auditing XYZ company for the year ended 12/31/2012 and will be expressing an opinion on their financial statements as of that date. You completed your field work on 1/21/13

Transaction Class Narratives, Prepare a narrative describing the transactio...

Prepare a narrative describing the transaction cycle process for debt in a municipality.

Providers of funds, Providers of Funds A further point to note is that ...

Providers of Funds A further point to note is that modern companies can be very large with multinational activities. Preparing accounts for such a group becomes a very complex

Strategic audit, A. Board of Directors Best Buy's Board is elected by th...

A. Board of Directors Best Buy's Board is elected by the shareholders to oversee the business and affairs of the company.  The board counsels, advises and oversees management wi

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd