Govt notifies new accounting standard on leases; effective from April 1
The government has notified a new accounting standard Ind AS 116 that will bring in more transparency in recognition and disclosures about leases in companies' balance sheets, a senior official said Sunday.
Ind AS 116 -- to be effective from April 1 -- sets out the principles for recognition, presentation and disclosure of leases. It has been notified by the corporate affairs ministry. Image source: Pixabay