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Exposure Draft on Covid-19-Related Rent Concessions (Proposed amendment to Ind AS 116, Leases) corresponding to Amendments in IFRS 16 issued by the International Accounting Standards Board (IASB) The implementation of high quality Indian Accounting Standards (Ind ASs) by Indian Companies is a monumental step in the accounting history of India. The Institute of Chartered Accountants of India (ICAI) believes that Ind AS Framework has enhanced the quality of financial statements of Indian entiti
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FAQ :
The ICAI is seeking public comments on its Exposure Draft of proposed amendments to Ind AS 116, Leases, concerning rent concessions related to COVID-19.
The amendments are proposed to address the challenges lessees face in assessing and accounting for a large volume of COVID-19-related rent concessions, providing a practical expedient to simplify the process.
The proposed change permits lessees, as a practical expedient, not to assess whether COVID-19-related rent concessions are lease modifications. They can account for them as if they were not modifications.
No, the amendments to IFRS 16, and consequently the proposed amendments to Ind AS 116, do not specify any change in the requirements for lessors.
The deadline for submitting comments is June 10, 2020.
Comments can be submitted electronically via the link http://www.icai.org/comments/asb/ or by email to commentsasb@icai.in.
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