Different asset accounting method for VAS and IFRS for leases. Do we need Lease Accounting for this
Summary:
We use the same accounting method for these two ledgers, and we would like to know if we can have a different accounting treatment for leases. So, for Ledger A we want to apply VAS (Vietnam Accounting Standards) accounting treatment for Asset leases and for Ledger B we want to use IFRS 16 as treatment for Asset leases. For VAS, when Lease Agreement is signed-off, then the physical asset is tracked in off-balance sheet account, and each month the lessor will issue invoice and client will request the expense and liability, under IFRS, we will have to record the Lease
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