IND AS 116 - Leases
11 January 2019
Lessee accounting will undergo a profound transformation with the applicability of the new standard on leases, Ind AS 116- Leases. The Institute of Chartered Accountants of India issued the exposure draft of Ind AS 116 on 28 July 2017. The new standard is proposed 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.