India amends its accounting standards, major relief for entities like airlines & retail chains

These changes to Ind AS will allow companies to show the Covid rental concessions in their P&L accounts. The move comes as a huge relief for airlines or retail chains that have many assets or properties on hire. Until now, if any terms and conditions of an existing lease contract changed, then it would have to be treated as a new lease contract.

from Economy-News-Economic Times https://ift.tt/2WYZRRY