Philippine Standards on Auditing (PSAs) are to be applied, as appropriate, in the audit of historical financial information.
How do you compute for future minimum lease payment for note disclosure in fs given these data:
Monthly rent From To
100,000.00 12/1/2012 11/30/2013
173,500.00 2/1/2013 1/31/2014
how much is Future minimum rent payments under:
Not later than one (1) year
Later than one (1) year and not later than five (5) years
Rent is actually renewable
Hi Dru, the term itself “minimum lease payment” can explain how to compute for the disclosure required. Just get the contractually due payments within the timeframe required for disclosure and that’s it. 🙂
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Orlando Calundan – An Accountant. An Auditor.
Blog at WordPress.com.