IND AS 116 - Leases
09 April 2019
Lessee accounting will undergo a profound transformation with the applicability of the new standard on leases, Ind AS 116- Leases. On March 30, 2019, the Ministry of Corporate Affairs notified the new standard to be effective for annual periods beginning on or after 1 April 2019. Ind AS 116, which substantially converges with IFRS 16 on leases, requires lessees to recognise all leases on the balance sheet, with a few exemptions.