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Sir does IFRS-16 still requires us to split liability in current and non-current liability and if its an option than what’s the other treatment when we don’t want to split the liability.
Another Question is that we make an entry in subsequent years (For e.g: Year 1) that is;
Finance Cost xxx Dr.
Lease liability xxx Dr.
Bank xxx Cr.Than what entry will we make to split the liability in Year 1.
One question per post please!
You are supposed to split the liability, but you probably won’t have time. S don’t worry about it.
If you want practice you can review our FR leasing lecture.
MOST IMPORTANTLY OF ALL – DON’T answer the exam by writing out lists of journals!
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