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Great lecture from a great tutor!
Thank you sir and please spare some of your time to clarify the following points:
(a) In the reconciliation of Min Lease Payments with PV section of the notes, you mentioned a GROSS and a NET presentation option. Are both of these required or just one of them?
(b) In the GROSS presentation method you refer to “Finance Lease Interest not yet accrued”. Is this interest calculated for the remaining years of the lease term? What exactlly is that?
i meant why accountant prefer to overlook legal form in favour of commercial substance in finance lease?
Bcz it misleads the users of financial statements,finance leases used to be off balance sheet:no asset recorded no liability recorded hence an increase in ROCE and lower gearing so IAS 17 was introduced
why accountant prefer to verlook legal form in favour of commercial substance?