This notification amends the Companies (Indian Accounting ...

Accounting rules updated for sale-leaseback transactions under Ind AS 116.

Notifications Companies Law

September 11, 2024

This notification amends the Companies (Indian Accounting Standards) Rules, 2015 by inserting provisions related to accounting for sale and leaseback transactions under Ind AS 116 (Leases). The key amendments are: inserting paragraph 102A to provide guidance on subsequent measurement of right-of-use asset and lease liability for seller-lessee; modifying Appendix C for transition requirements; and adding a new Appendix D with illustrative examples on sale and leaseback transactions. The amendments aim to align Indian accounting standards with international practices and provide clarity on accounting treatment of sale and leaseback arrangements, ensuring consistent application by companies.

View Source

← Previous Next →

This notification amends the Companies (Indian Accounting ...

Accounting rules updated for sale-leaseback transactions under Ind AS 116.

Notifications Companies Law

September 11, 2024

You may also like:

Intangible Assets - Ind AS-38 of the Companies (Indian Accounting Standards) Rules, 2015 as amended.

Income Taxes - Ind AS-12 of the Companies (Indian Accounting Standards) Rules, 2015 as amended

Obligation to comply with the Indian Accounting Standards (Ind AS) and Rule 4 of Companies (Indian Accounting Standards) Rules, 2015- Payment Banks, Small Finance Banks...

Accounting for Government Grants and Disclosure of Government Assistance - Ind AS-20 of the Companies (Indian Accounting Standards) Rules, 2015 - As amended.

Valuation - undervaluation - “Polo” and “Vento” models of their car - related party transaction - interconnected undertakings - Mutuality of Interest - It is found that...

The Reserve Bank of India (RBI) issued Circular No. 11 on June 11, 2024, allowing Scheduled Commercial Banks with AD Category-I license to open additional current...

Classification of transaction - sale or Lease Transaction - tripartite agreement - aforesaid transaction is sale of Empty Gas Cylinders (EGC) is inter State Sale...

Revision u/s 263 - source of cash deposited in the Bank account - There is a direct nexus between the transaction of sale and the cash deposited in the bank account of...

Application for seeking PAN should be filed at least 7 days prior to enter into specified transaction as referred to in section 139A(3)(vii) read with rule 114BA -...

Unexplained cash credit u/s 68 r/w section 115BBE - Bogus purchase and sale - The assessee has recorded the entries of sales and purchase in its books of account and has...

The ITAT considered a case involving Penalty u/s 271B for not auditing books as per section 44AB. The Assessee argued books were not updated by the due date for audit...

Property, Plant and Equipment - Ind AS-16 of the Companies (Indian Accounting Standards) Rules, 2015 as amended

Mandatory requirement of PAN - deposit or withdrawal of amount exceeding Rs. 20 Lacs from bank account / post office account - opening a crrent account or cash credit...

Unexplained deposits in bank account - Amount deposited in the bank account was out of sale of various items as held by the assessee as stock in trade and since the...

Addition on account of Repair and Maintenance of Plant and Machinery on estimate basis - sale of scrap - The assessee brought on record a chart of sale made of scrap in...

Quick Updates: