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Govt amends certain Indian Accounting Standards amid Covid-19 pandemic

Ind-AS 103, 116 and some other standards have been amended by the Corporate Affairs Ministry

Indian Accounting Standards, IndAS, accounting, joint ventures, mergers, acquisitions,
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While Ind-AS 103 pertains to business combinations, Ind-AS 116 relates to principles for recognition, presentation and disclosure of leases.

Press Trust of India
The government has amended certain Indian Accounting Standards (Ind-AS), including the standard relating to leases amid the coronavirus pandemic.

Ind-AS 103, 116 and some other standards have been amended by the Corporate Affairs Ministry.

While Ind-AS 103 pertains to business combinations, Ind-AS 116 relates to principles for recognition, presentation and disclosure of leases.

In the wake of the pandemic, many lessors have extended rent concessions to lessees. However, applying the Ind-AS 116 requirements for changes to lease payments could have posed practical difficulties in the current situation.

Against this backdrop, the ministry has amended the rules whereby entities would get relief from lease modification

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First Published: Jul 26 2020 | 7:10 PM IST

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