Hello fellow accountants,
I am Ravishankar Reddy, a Chartered Accountant from India. I have certain doubts as to the accounting treatment of rental deposit paid.
For example, ‘X’ pays rent of $ 10,000 per month for an office premises. He enter into a agreement with his landlord for a period of 3 years. He also pays a rental deposit of $1,00,000. Should there be any accounting effect for the ‘interest lost’ on this rental deposit as the tenant (X) is foregoing $ 1,00,000? Assume market interest rate of 10%
 Can anyone explain all …

Hi All,
Can someone advice the correct treatment of the below case under IFRS.
A company is trading in Fuel Oil. It purchases fuel oil, stores it in tanks and sells it.
As a result it incurs fuel costs and also storage costs (tank rentals).
In a particular transaction, the company purchased fuel oil in Dec 2008 and stored it in tanks hired particularly for this transaction and sold the fuel in Jan 2009.
The question is on the treatment of the storage costs (tank rentals) of the particular tank for the month of Dec …