116 Apr 2026

: 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.

is the Indian Accounting Standard that governs leases, aligning with the international standard IFRS 16 .