MCA Issues Companies (Indian Accounting Standards) Second Amendment Rules, 2024, Revising Ind AS 116
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- By Chetan Kulasri
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- Last Updated on 11 September, 2024
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The Ministry of Corporate Affairs (MCA) through its notification dated 9th September, 2024 issued Companies (Indian Accounting Standards) Second Amendment Rules, 2024. Under the said notification, the amendment is made with respect to the accounting treatment for a seller-lessee involved in sale and leaseback transactions under Ind AS 116, Leases. The amendments adds on some new paragraphs, illustrative examples, appendix and requirements for retrospective application to maintain consistency in financial reporting.
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