The Institute of Chartered Accountants of India (ICAI) constituted the Ind AS Technical Facilitation Group (ITFG) under the aegis of its Ind AS Implementation Committee.
The Institute of Chartered Accountants of India (ICAI) constituted the Ind AS Technical Facilitation Group (ITFG) under the aegis of its Ind AS Implementation Committee. The ITFG has issued its clarifications’ bulletin 21 on 18 September 2019. The bulletin provides clarifications on five issues in relation to implementation of Ind AS 116, Leases.
Ind AS 116 is applicable in respect of annual reporting periods commencing on or after 1 April 2019. It requires a lessee to recognise a lease liability and a right-of-use asset in respect of every lease subject to certain exemptions.
This issue of First Notes provides an overview of the clarifications issued by the ITFG in its bulletin.
To access the text of the ITFG clarifications’ bulletin 21, please click here.
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