Good day,
Can someone please help with the correct treatment:
A company`s rent amount per year is 1m
Rent payable accumulated amount of AED5m for 2013-2017 is to be written off as the landlord has said he does not need the money anymore.
As of Dec 2018, the company has realised a loss of 5.1m before the rent is written off, and accumulated retained loss of 15m.
How is the write off to be treated?
Please respond with an IFRS reference if possible.
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Gift Magege (CMA)
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