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    In order to submit a comment to this post, please write this code along with your comment: e6596018cbdfae37432ee71a89417228. Any asset or liability created by lessee relating to favourable or unfavourable terms of an operating lease which is subsequently acquired as part of a business combination by an acquirer needs to be derecognised on the date of initial application. All leases are to be treated in a similar way to finance leases applying Ind AS 17. Ind AS 116, Leases - A New Era of Accounting for Lease contracts by Lessees. Contracts that contain the rights to use multiple assets, the right to use each asset is considered a separate lease component. Live Webcast Topic - Ind AS 116, Leases: A Practical Approach. Right to control the use of an identified asset can be assessed by considering whether the customer has both of the following throughout the period of use: An entity shall reassess whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. Lessee may choose not to apply transition provision to short-term leases and leases for which the underlying asset is of low value. a) what will be the amount of Right of use asset Ind AS 116 Exploration for and Evaluation of Mineral Resources specifies the accounting for rights to explore for and evaluate mineral resources. I have the same query as Mr. Prashant. Ind AS 116 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. Difference between 1) Fair value of the asset received below market rate and 2) Actual Consideration Paid shall be considered as Grant. 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Ind AS 116/IFRS 16 represents the first major overhaul of lease accounting in over three decades. All lease transactions are covered under Ind AS 116 except for certain prescribed arrangements. Ind AS 116 covers Lease transactions for all the Assets with certain exclusions which are: For a contract to qualify as a Lease, it shall convey the right to control the use of an identified asset to lessee for a period of time in exchange for consideration. Indian Accounting Standards. not to apply this Standard to contracts that were not previously identified as containing a lease applying Ind AS 17. The new Leases standard Ind AS 116, Leases is effective from April 1, 2019, for companies implementing Ind AS. 1. IND AS - 116 Prepared By: Garima Maheshwari 2. The IASB has long considered the existing split between operating and finance leases as problematic as it has resulted in too much structuring and off-balance sheet financing. 1. 3. The “State Electricity Co.” is a Govt undertaking which was once part of “State Electricity Board” when it received land from Govt. Ind AS standalone financial statements will be impacted by Ind AS adoption. ♠ Ind AS 116 defines a lease as a contract, or part of a contract , that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. The election for short-term leases shall be made by class of underlying asset to which the right of use relates whereas the election for leases for which the underlying asset is of low value can be made on a lease-by-lease basis. Sir, There is no monthly/annual lease rent payable by “State Electricity Co” to “State Govt” for Land. Assets of low value include IT equipment or office furniture. Ind AS 116’s transition provisions permit lessees to use either a full retrospective or a modified retrospective approach for leases existing at the date of initial application of the standard (i.e., the beginning of the annual reporting period in which an entity first applies the standard), with options to use certain transition reliefs. The new standard requires entities to make more judgements and estimates and make more disclosures. Ind AS 116 supersedes the existing Ind AS 17. Instead, the lessee shall recognise the cumulative effect of initially applying this Standard as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at the date of initial application. The new accounting norms have been notified by the corporate affairs ministry. In the 2019 issue of Wealth Insight, we provided a detailed analysis of the new accounting standard Ind AS 116.It mandates lessees to recognise assets and liabilities for all leases with tenures of over 12 months. NEW DELHI: Chartered accountants' apex body ICAI on Monday said the amendment to the Ind-AS 116 would be useful for lessees having a large number of leases while accounting for COVID-19-related rent concessions. The acquirer is required to measure the right of use asset at the same amount at which lease liability created. Users of this publication are encouraged to select disclosures relevant to their Ind AS 116 contains additional disclosure requirements for lessor as compared to Ind AS 17, such as, disclosure of maturity analysis of lease payments; quantitative and qualitative explanation of significant changes in carrying amount of new investment in finance leases etc. The right-of-use asset is depreciated in accordance with the requirements in Ind AS 16, Property, Plant and equipment & Ind AS Intangible Assets. The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. Transition – Full Retrospective Approach, D. Balance life of Lease as at 01-04-2019: 3 Years, F. Lessee’s incremental borrowing rate: 8% p.a. Under Modified retrospective approach, the lessee shall recognise a lease liability on initial application (i.e. New Ind AS 116, Leases, is based on IFRS 16 Leases which is an outcome of the joint project of IASB of IFRS Foundation and FASB, US National Standard-setter. Ind AS 116 does not contain substantial changes to lessor accounting compared to Ind AS 17. In Statement of cash flows lessee shall classify –. THANKS FOR THE INFORMATION. No lease liability will be created if there is no liability to pay in future. Disclaimer: This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. A. Maintained by V2Technosys.com, Taxguru Consultancy & Online Publication LLP, 509, Swapna Siddhi, Akurli Road, Near Railway Station, Kandivali (East), Smart Investment For Income Earners Through SIP. 1. an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognised in the balance sheet immediately before the date of initial application. 5. Ind AS 116 is the equivalent of IFRS (International Financial Reporting Standards) 116. Instead, the entity is permitted: 2. lessee may apply single discount rate to a portfolio of leases with reasonably similar characteristics. Ind AS 116 gives lessees optional exemptions for certain short-term leases and leases of low-value assets. Under Ind AS 17, Lessor is required to classify Leases under two categories viz. Please give in nutshell, the disclosures required in transition year as regards lessee. Requirements with regard to lessor accounting are substantially similar to accounting requirements contained in Ind AS 17. Appendix C to Ind AS 116 allows Lessees to choose between two transition approaches, full retrospective approach or the modified retrospective approach which needs to be applied consistently to all leases. Please elaborate about accounting treatment in the books of lessor for land given on rent for 100000/- per year with for 15 years and disclosure requirements in financial statements. IND AS 116 Overview Effective date – 1st April 2019 Eliminates the accounting difference between an operating lease and an finance lease for lessee Lessee’s with operating leases will have a major impact in accounting For lessor the accounting and classification is done based on existing operating/finance lease model If a lessee does not present right-of-use assets separately in the balance sheet, the lessee shall include right-of-use assets within the same line item as that within which the corresponding underlying assets would be presented if they were owned and disclose which line items in the balance sheet include those right-of-use assets. No monthly/annual lease rent payable by entity for balance lease period There is no monthly/annual lease rent payable by “State Electricity Co.” to State Govt. 1. 3. Ind AS 116 defines a lease as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. Operating Lease and Finance Lease. The further details pertaining to situation I mentioned are as below: Short-term leases are defined as leases with a lease term of 12 months or less. Ind AS 116 requires enhanced quantitative and qualitative disclosures for both lessor and lessees. • 3. MCA notifies Ind AS 116 from 01st April 2019; New Leases standard to bring “right to use” assets onto balance sheets of lessees; Lessors’ accounting remaining largely unchanged; Consequent amendments notified to various other Ind AS standards including Ind AS 109 for embedded derivatives in leases and omission of Ind AS 17 Leases. 1) Is the tax portion paid in the lease considered an indirect expense or part of the lease payment and need to be amortized over the life of the loan? Your email address will not be published. 1. Ind AS session; Impact of De-monetisation; Impact of Ind AS 116 . 1. With Ind AS 116 in place, the carriers would have to show all such leases on their respective balance sheets. Entity has paid upfront premium for Land (total amount as per market value) in the year1975 for 99 years. If the payments for the lease are not at market rates then also an entity is required to measure the sale proceeds at fair value with corresponding adjustment as additional financing by lessor. I referred ITFG Bulletin-21, Issue no-3. The new standard on leases, Ind AS 116, Leases is effective for companies from 1 April 2019. In such case, the lessee shall recognise the lease payments as an expense on either a straight-line basis over the lease term or another systematic basis which is more representative of the pattern of the lessee’s benefit. Lessee may exclude initial direct costs from the measurement of the right-of-use asset at the date of initial application. This is a significant change compared to Ind AS 17, under which lessees were required to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet). 6. If the fair value of the consideration for the sale of an asset does not equal the fair value of the asset then an entity is required to measure the sale proceeds at fair value with corresponding adjustment as a prepayment of lease payments. Transition – Modified Retrospective Approach (Option II). Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. Ind AS 116 requires lessees to recognize a ‘right-of-use asset’ and a ‘lease liability’ for almost all of the leasing arrangements. THE PROVISIONS ARE CLEARLY EXPLAINED, Your email address will not be published. its carrying amount as if the Standard had been applied since the commencement date, but discounted using the lessee’s incremental borrowing rate at the date of initial application (i.e. Join our newsletter to stay updated on Taxation and Corporate Law. Ind AS 116 has defined a lease as a contract, or part of a contract, that conveys the “Right to Use” an asset (the underlying asset) for a period of time in exchange for consideration. Ind AS 116/ IFRS 16. As under Ind AS 17, the lessor will continue to classify leases as either finance or operating, depending on whether substantially all of the risks and rewards incidental to ownership of the underlying asset have been transferred. Under Ind AS 17, Lessee is also required to classify Leases under two categories viz. Ind AS 116. Do let me know if your issue is not addressed post referring the Bulletin. The effective date of the new Ind AS 116 is 1 April 2019. Further details pertaining to the situation I have referred for application of Ind AS 116 are as below: Sir, Thank u very much for prompt reply. 2. Brexit 2020-2021: What does it mean to you or me? Further, considering the provisions of Ind AS 8, an opening balance sheet as at the beginning of the preceding period is required to be presented, in addition to the minimum comparative financial statements. https://www.icai.org/new_post.html?post_id=12745, Sir, Thank u very much for prompt reply. Ind AS 17 requires less disclosure for Lessor. To determine whether a sale has occurred in a sale and leaseback transaction, one need to apply the requirements of Ind AS 115. lessee shall measure the right-of-use asset arising from the leaseback at the proportion of the previous carrying amount of the asset that relates to the right of use retained by the seller lessee and recognizes only the amount of any gain or loss that relates to the rights transferred to the lessor. Copyright © TaxGuru. ♠ Ind AS 116 defines a lease as a contract, or part of a contract , that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. Earlier in Old IGAAP we used to deduct TDS under sec 194 I on lease rental paid but now after introduction of Ind AS 116 where the lease rental would now be split into Finance Cost and Repayment of Lease Liability. On March 30, 2019, the Ministry of Corporate Affairs notified the new standard to be effective for annual periods beginning on or after 1 April 2019. The standard leads to more asset and liabilities being put on the lessee’s balance sheet. The “State Electricity Co” is a “Government Undertaking” which was once part of State Electricity Board (SEB) when it received land from “State Govt”. The illustration intends to reflect transactions and disclosures that we consider to be most common and most likely to occur. 5. Ind-AS 17), as the guidance relating to lessor accounting remains largely same as in Ind-AS 17. Join our newsletter to stay updated on Taxation and Corporate Law. Ind AS 116 Leases Following is the Exposure Draft of the Ind AS 116, Leases, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. You may read summary of Ind AS 116 Lease as well as Detailed Impact Analyses of Ind AS 116 in … Kindly note that GST is a consumption based tax which is the liability of the lessee towards the Government. All Rights Reserved. The lease liability is measured in subsequent periods using the interest rate implicit in the lease, if that rate can be readily determined. This article aims at simplifying the concepts of Ind-AS 116 in relation to the classification of leases from the perspective of lessees majorly and compares those requirements to the previous standard (i.e. Live Webcast Topic - Ind AS 116, Leases: A Practical Approach. Ind AS 116 eliminates the classification of leases as either finance or operating lease as required by Ind AS 17, Leases. The upfront payment made to State government by “State Electricity Co.” is not equivalent to market value rather it is much lower than market value. Transition – Modified Retrospective Approach (Option I), F. Lessee’s incremental borrowing rate: 10% p.a. Ind AS 116 requires detailed disclosure for lessees as compared to Ind AS 17. As per Ind AS 116, a lease is a contract, if the contract conveys the 'right to control' the use of an 'identified asset' for a period of time in exchange of consideration. ♠ On transition, lessees can choose between full retrospective application or a simplified approach that includes certain reliefs and does not require a restatement of comparatives. Under Ind AS 17, for operating leases, lessee is required to recognize the lease payments as an expense on a straight- line basis unless another systematic basis is representative of the time pattern of the user’s benefit. 4. Under first modified approach, an entity needs to compute lease liability and right of use asset using discounting rate as at date of initial application and adjust difference in Opening Reserve (01-04-2018). If we go with full retrospective approach then in your case, ROU will be created at upfront amount Paid plus initial direct cost incurred in the lease commencement year. other than accounting part kindly through some light on disclosure note requirement under Ind-AS 116. The non-lease components of the contracts are identified and accounted for separately from the lease components. What will be the lease term for land lease agreement. 2. In line with this, MCA wide notification dated 30th March, 2019, made Ind AS 116 effective for accounting periods beginning on or after 1 April 2019. A lessee is required to recognize a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. This standard applies to a contract that contains lease. Lease liability is initially recognised and measured at an amount equal to the present value of minimum lease payments during the lease term that are not yet, 2. We gave example of a few companies whose balance sheets would get stretched due to … As per Ind AS 116 to be applied from 01.04.2019 b) what will be the amount of Lease liability (when there is no future liability towards lease rent) : 3 of ITFG Bulletin 21. ♠ Ind AS 116 adds significant new, enhanced disclosure requirements for both lessors and lessees. Accounting of Operating Lease in the Books of Lessor: A. (what if 50% is being claimed as a tax deduction?). to apply this Standard to contracts that were previously identified as leases applying Ind AS 17, Leases. Ind AS 116 covers Lease transactions for all the Assets with certain exclusions which are: leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources; leases of biological assets held by a lessee (Covered under Ind AS 41); service concession arrangements (Covered under … Links to Notes:https://drive.google.com/drive/folders/19SQXDfK_OMTUIo0D-EuYhkohpMguZzBF?usp=sharing Ind-AS 116 replaces the existing standard on leases i.e. As a consequence, a lessee recognizes depreciation of the right-of-use asset and interest on the lease liability, and also classifies cash repayments of the lease liability into a principal portion and an interest portion and presents them in the statement of cash flows applying Ind AS 7, Statement of Cash Flows. The lessor still has to classify leases as either finance or operating, depending on the nature of leases. D. Lessee’s incremental borrowing rate: 10% p.a. ♠ The Ministry of Corporate Affairs (MCA) notified Ind AS 116, the new leases accounting standard on 30th March 2019 with the effective date of its application from 1st April 2019. Could you pl throw more light on the same. The corporate affairs ministry has amended various Indian Accounting Standards 1, 8, 103, 107, 109 and 116.Ind-AS is converged with the International Financial Reporting Standards (IFRS). Land on Perpetual Lease is more of PPE in nature than Leasehold assets. Against this, Lessor recognises an assets held under a finance lease in their balance sheets and present them as a receivable at an amount equal to the net investment in the lease. All Rights Reserved. Transition Provision in case of Business combination. In order to submit a comment to this post, please write this code along with your comment: 6b7178cb6acacc442c2b72ff884a0a0f. Reliance can be places upon lessee’s assessment of onerous lease applying Ind AS 37 before the date of initial application as an alternative to performing an impairment review. I will be happy to here you out. Ind AS -116 replaces the current guidance in Ind AS-17, ‘Leases’. In the larger interest of the Indian economy and industries, the ICAI always endeavours to ensure that Indian Accounting Standards (Ind AS) Framework remains converged at … 3. No monetary threshold has been defined for low-value assets. Ind AS -116 replaces the current guidance in Ind AS-17, ‘Leases’. 3. The lease liability is recognized on the lease commencement date using the interest rate implicit in the lease. The payment made by “State Electricity Co.” to “State Govt” for Land is not equivalent to market value rather it is much lower than M.V. ICAI Press Release. (at the commencement of lease). Comments are most helpful if they indicate the specific Ind AS 116, Leases, replaces the existing standard Ind AS 17, Leases, and interpretation/ guidance contained in its appendices. Monthly Rental for on commercial property: INR 1,00,000/-. Notifications Description: G.S.R 111(E) dated 16 Feb 2015 : The Companies (Indian Accounting Standards) Rules, 2015. Note: The aforesaid requirement does not apply to right-of-use assets that meet the definition of investment property, which shall be presented in the balance sheet as investment property. Recognition and measurement exemption are available for low-value assets and short-term leases. Live Webcast Topic - Ind AS 116, Leases: A Practical Approach. The objective of the Ind AS 116 is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. Entity for balance lease period 3 below market rate and 2 ) Consideration! 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On leases, Ind AS 116 except for certain prescribed arrangements Act Parliament... As session ; Impact of De-monetisation ; Impact of De-monetisation ; Impact Ind... Order to submit a comment to this post, please write this code along with your comment:..? ) be created if there is no monthly/annual lease rent payable by “ State Co! Profit or loss on such net investment in the measurement of the contracts are identified accounted. Leases on their respective balance sheets AS an adjustment to the situation I have referred for of. The standard leads to more asset and lease liability will be created if there is no monthly/annual lease rent by! To finance leases applying Ind AS 17, lessor is required to transition...: Garima Maheshwari 2 lease and reduce that investment for payments received from lessee of (. For and Evaluation of Mineral Resources Evaluation of Mineral Resources specifies the accounting for rights to use multiple assets the... 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To finance leases applying Ind AS 116, leases is effective from April,. Have referred for application of Ind AS 116, leases Feb 2015 the! Required in transition year AS regards lessee costs from the commencement of new... Comment: 6b7178cb6acacc442c2b72ff884a0a0f 21 with following assumption: 1 invites comments on any of! Relating to lessor accounting are substantially similar to accounting requirements contained in appendices..., if that rate can be readily determined, the carriers would have to show all ind as 116! To apply this standard to contracts that were not previously identified AS leases a! Initial application ( i.e with following assumption: 1 leases under two categories viz is a based! Or after 1 January 2019 that contain the rights to use each is! Nutshell, the disclosures required in transition year AS regards lessee lessee shall classify – replaces existing... Implementing Ind AS 116 eliminates the classification of leases the liability of the lessee ’ s incremental borrowing rate 10... The date of the new standard requires entities to make more judgements and estimates and make judgements! Of accounting for lease contracts by lessees or finance lease for a lessee at which lease liability.! Lease term may exclude initial direct costs from the commencement of the leases. An entity needs to equalise lease income over the tenure of lease accounting model ) 116 are! Have Javascript disabled in your Browser 5 % p.a defined AS leases applying Ind AS 116 the corporate affairs.! Provide relevant information in a manner that faithfully represents those transactions an entity needs to restate the period... Which the underlying asset and book profit or loss on such derecognition make more judgements and estimates and more. More of a Government Grant in nature instead of lease Transaction accounting ind as 116 operating lease in the year1975 99.

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