The New Lease Indian Accounting Standard "IND AS- 116- Leases" is set to role out and be applicable from 1st April 2019.
Indian Accounting Standard 116, sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. This information gives a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of the entity.
To read draft exposure as issued by The ICAI, Click here.