IFRS 16 (Lesse)

Question 1

What is the option of exception of IFRS 16 for lesse?

IFRS 16 (Lesse)

Answer 1

A) Short Term or

B) Low Value Assets

Agr dono ma sa kuch follow huga to option ha ka ap IFRS 16 ko follow na krea and iski lease payment ko operating expense treat krea ga

Question 2

Ifrs 16 ko lesse follow krea ga to kya treatment ha?

IFRS 16 (Lesse)

Answer 2

Recognize right of use of asset and lease liability.

Dep RouA and pay lease liability over the lease term.

Question 3

Short term lease kya huta ha?

IFRS 16 (Lesse)

Answer 3

A) End within 12month

B) Purchase option jab huga short term khatam hujata ha.

C) Class of asset ma agr kisi ik under 12month wala pa ifrs laga rha to baqi walou pa bhi lagaye ga.

Question 4

What is the condition of low value asset?

IFRS 16 (Lesse)

Answer 4

A) 5k or less

B) Above amount is same for every company of the world

C) Jab value nikalea ga to at the time of purchase wali lani not carrying amount.

D) Exception is available on asset to asset basis not on class.

Question 5

Lesse ka point of view sa Residual value ka kya concept ha?

IFRS 16 (Lesse)

Answer 5

Totally irrelevant except agr lesse koi guarantee R.V dea tab relevant wo amount.

Question 6

Ifrs 13 does not apply to kis trha treat krea ga usa?

IFRS 16 (Lesse)

Answer 6

To simple expense ki trha deal krea ga equally in every year. Prepaid ya advance ki trha treat krea ga

Question 7

Right of use of an asset ma kya ata ha?

IFRS 16 (Lesse)

Answer 7

P.V of all payments to all parties(Lessor and 3rd party)

Question 8

Lease liability ma kya ata ha?

IFRS 16 (Lesse)

Answer 8

P.V of all payments to lessor only after Commencement date.

Question 9

What is the key elements of a lease?

IFRS 16 (Lesse)

Answer 9

1) Lease Term

2) Specific Asset

3) Right of Use

4) Consideration

Question 10

What is th 3 characteristics of a lease term?

IFRS 16 (Lesse)

Answer 10

1) Non-Cancelable

2) Shall Covered by extension if certain to avail the option.

3) Shall Covered by termination if certain not to avail the option.

Question 11

Key consideration which can be considered to extend?

IFRS 16 (Lesse)

Answer 11

1) Terms and Condition

2) Lease hold improvement(Fixture laga dia asset pr)

3) Cost of terminating

4) Importance of underlying Asset.

Question 12

IDC ma konsi amount likhta hea?

IFRS 16 (Lesse)

Answer 12

Jo lesse net amount pay krta apni jaib sa wo likhta hea.

Question 13

Option exercise krlea or na krea difference kaha ata ha?

IFRS 16 (Lesse)

Answer 13

1) Life different hujati.

2) Cost of terminating ya Extension wlaa ma bhi farq askata

Question 14

Fair value of used Asset ka lesse sa koi taluq ha?

IFRS 16 (Lesse)

Answer 14

Nahi lesse sirf uska right and Liability dekhta ha

Question 15

Depriciation Useful life pr krta ya Lease term pa krta?

IFRS 16 (Lesse)

Answer 15

Lower of both but agr certain ha bad ma bhi apna pass rakha ga to usefull life beshk lease term chuti hi kue na hu

Question 16

What is implicit and Incremental borrowing rate?

IFRS 16 (Lesse)

Answer 16

Implicit: Rate charged by the lessor(Always low then IBR because ownership not transfer.)

Incremental borrowing rate : Rate charged by the bank

Question 17

Specific asset ma explicit and implicit ka jo 2 points hea unpa lease apply huti ha ya nahi?

IFRS 16 (Lesse)

Answer 17

A) Explicit(PhysicallyDistinct) If Specific then,Yes

If any asset ,(Substitute ma lessor ka faida then,No
Otherwise,Yes)

B) Implicit(Substantial Capacity) If substantial capacity of 90% then ,Yes other wise,No

Question 18

Lease payment ma konsi amounts aye gi?

IFRS 16 (Lesse)

Answer 18

Jo lessor 100% sureity hu ka lessor ko pay krea ga.Like

A) Variable(Rental CPI + 2% of profit or unit jab incurred hou gea expense treat krea ga)

B) Residual jo market sa nahi milea gi.

Question 19

Protective rights sa lease khatam to nhi hujae gi?

IFRS 16 (Lesse)

Answer 19

No e.g 50k sa zyada unit nahi banana ya Safety purposes kaliye ha is sa phir bhi ROUA rahea ga)

Question 20

Option to extend lessor ka pass hu to uska lesse ki lease ma koi farq prta ha?

IFRS 16 (Lesse)

Answer 20

No effect ignore

Question 21

Lease ma kis cheez ki wajah sa reassesment huti ha?

IFRS 16 (Lesse)

Answer 21

1) Lease term(Yes Reasses)

2) Lease payment(Yes Reasses)

3) Rate( No effect)

Question 22

1) Lease term

2) Lease payment

In dono ki konsi condition ki wajah sa change hu sakti or is sa economic benefit kisma change huta?

IFRS 16 (Lesse)

Answer 22

1) Lease term ( Option to Extend/Terminate

Option to purcahsed the leased asset)Economic benefit change.

2) Lease payment ( Variable rental due to CPI

Variable in payment under GRV ) Economic benefit remain same

Question 23

Change in dismantling and lease liability effect kahan jae ga?

IFRS 16 (Lesse)

Answer 23

ROUA ma

Question 24

Interest ki wajah sa dismantling and Lease liability increase huti ya decrease?

IFRS 16 (Lesse)

Answer 24

Interest ki wajah sa dismantling increase huti and Lease liability decrease huti?

Question 25

Simple Modification wala question ma 9 Simple konsa step huta?

IFRS 16 (Lesse)

Answer 25

1) P.V of rental+Down Payment.

2) Journal entry at yr 0

3) Lease Amortisation schedule.

4) ROUA carrying amount at Modification date.

5) New rental lease liability calculation

6)Comparison of Lease liability for ROUA.

7) Both Carrying amount after modification.

8) Amortisation schedule.

9) Journal entry after 1yr of modification.

Question 26

Asset based reduction ma new point kya aye ga 4 ka bad?

IFRS 16 (Lesse)

Answer 26

1) ROUA ma to at time of modeification ko total asset pr Divide.(580.7÷4=145.175)

2) Liability ma to at time of modeification ko total asset pr Divide.(606.53÷4=151.63)

L.Liability 151.63Dr
ROUA 145.17Cr
Gain 6.46Cr

Step 6 7 ma old balance
ROU=435.52(580.7-145.175)
L.Liability=454.9(606.53-151.63)

Question 27

Lease term reduction ma new point kya aye ga 4 ka bad?

IFRS 16 (Lesse)

Answer 27

1)ROUA=261.94÷4=65.485

2)(a) Old lease liabilty at time of change not modefication change=279.82

b)Future rental without Modefication of rental effect but =100*((1-(1.16)^-3)/.16)=224.59

c)Comparison
Old liability=279.59
New liability=224.59
Reduction=55.23

L.Liability 55.23Dr
Loss 10.255
ROUA 65.485Cr

Step 6 7 ma old balance
ROUA=196.45(261.94-65.485)
L.Liability=224.59

Question 28

CPI kab account for krea ga?

IFRS 16 (Lesse)

Answer 28

Jab certain hujae

Question 29

Old rate kin 2 cases ma lagta ha Modified rental niklta hwa?

IFRS 16 (Lesse)

Answer 29

CPI and GRV iska ilawa sab ma new rate.

Question 30

Rental advance hu to kis tarha table bana ga?

IFRS 16 (Lesse)

Answer 30

A) Year

B) Opening

C) Advance paid

D) Adjusted Opening(b-c)

E) Interest(C*Rate)

F) Closing (d+e)

Question 31

Several Modification ma kya krea ga?

IFRS 16 (Lesse)

Answer 31

Step 5 6 ma sab ko put krdea ga.