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The Accounting Standards Board (ASB) of ICAI has issued the Exposure Draft of proposed amendments to Ind AS 116, Leases, for public comments. The belowmentioned Exposure Draft is hosted on the website of the Institute of Chartered Accountants of India (www.icai.org) for public comments with the last date as April 17, 2021. Read the official announcement below: Accounting Standards Board The Institute of Chartered Accountants of India 7th April, 2021 Exposure Draft of COVID-19 Related Ren
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FAQ :
The Exposure Draft proposes amendments to Ind AS 116 to extend the practical relief for COVID-19 related rent concessions beyond June 30, 2021, aligning with international accounting standards.
The proposed amendments concern Ind AS 116, which deals with Leases.
The proposed amendment suggests extending the practical expedient to rent concessions where lease payment reductions affect payments originally due on or before June 30, 2022.
Comments can be submitted electronically via the ICAI website, by email to commentsasb@icai.in, or by post to the Accounting Standards Board.
The last date for submitting comments on the Exposure Draft is April 17, 2021.
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