LEASES (COMMERCIAL AND RETAIL) ACT 2001 - SECT 68 Methods of accounting

LEASES (COMMERCIAL AND RETAIL) ACT 2001 - SECT 68

    (1)     If a lease requires accounts to be produced for outgoings, the lease may include a provision (a method provision ) stating whether the accounts must be produced using a cash or accrual method of accounting.

    (2)     If the lease does not include a method provision, accounts for outgoings under the lease must be produced using a cash method of accounting until the lessor tells the tenant otherwise in writing.