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

: Companies can choose not to apply these rules to short-term leases (12 months or less) or leases of low-value assets. : You can find the full text of

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

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

: Lessees must recognize a Right-of-Use (ROU) asset and a corresponding lease liability .