ICAI’s Exposure Draft for Comments on “Ind AS 116: Leases”
The Accounting Standards Board (ASB) of ICAI has issued the Exposure Draft of “Ind AS 116 on Leases” for comments, on any aspect thereof, to be received not later than 31 Aug. 2017, as under:
Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording. Comments should be submitted using one of the following methods:
|1. Online||https://www.icai.org/comments/asb/ (Preferred Mode)|
|3. Post:||Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi 110 002|
Any further clarifications may be sought by e-mail from ICAI using firstname.lastname@example.org
Indian Accounting Standard 116, Leases (Ind AS 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.
As per ICAI, the Ind AS 116 is proposed to be effective from annual periods beginning on or after 1st April, 2019. Ind AS 116 supersedes Ind AS 17, Leases.