Accounting for Advance Payments for Land Acquisition Pending Possession Within the Ind AS Framework
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- Last Updated on 8 May, 2024
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An asset is a present economic resource controlled by the entity as a result of past events and an economic resource is a right that has the potential to produce economic benefits. Rights that have the potential to produce economic benefits take many forms, including rights that correspond to an obligation of another party and rights that do not correspond to an obligation of another party, and an economic resource is a right that potentially produces economic benefits.
Any advance payment made by the entity under the agreement for the acquisition of assets shall not be recognized as the assets unless the entity has granted the right over the assets through the agreement.
In this story, we have discussed the treatment of advance payments made for the acquisition of the land where the possession the land is pending.
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