Govt notifies new accounting standard (Ind AS 116) on leases; effective from Apr 1
- The Government of India has notified a new accounting standard Ind AS 116 which aims to bring in more transparency in recognition and disclosures about leases in companies’ balance sheets.
- Ind AS 116 will be effective from April 01, 2019 and it sets out the principles for recognition, presentation and the disclosure of leases.
- Ind AS 116 is the equivalent of IFRS (International Financial Reporting Standards) 116.