116 -

: You can find the full text of the standard on the ICAI website or detailed summaries on ClearTax . 2. Legal Statutes (India)

is the Indian Accounting Standard that governs leases, aligning with the international standard IFRS 16 . : You can find the full text of

: Lessees must recognize a Right-of-Use (ROU) asset and a corresponding lease liability . : You can find the full text of

: It eliminates the distinction between "operating leases" and "finance leases" for lessees. Almost all leases must now be recognized on the balance sheet. : You can find the full text of

In the Indian legal system, Section 116 appears across several major acts: