New Accounting Standard (Ind As) on Leases
- Ministry of Corporate Affairs has notified a new accounting standard ‘Ind AS 116’, with effect from April 1, 2019 which will bring in more transparency in the recognition and disclosures about leases in companies’ balance sheets.
Expected Changes
- More Visibility and Quality Improvement:The new standard will bring substantial visibility of companies lease commitments and improve the quality of financial information about companies.
- Well Defined Principles:It sets out the principles for recognition, presentation and disclosure of leases.
- More Transparency:It will help in ensuring more transparency when it comes to recognition of leases by companies and also prevent “window dressing” of accounts.
- Standardization:Ind AS 116 ....
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