Monday, 27 July 2020

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27 July 2020 Current Affairs:Government of India (GoI) has amended certain Indian Accounting Standards (Ind-AS), including the standard relating to leases amid the COVID-19 pandemic. The Ministry of Corporate Affairs has amended Ind-AS 103, 116, and some other standards. 

♦ Ind-AS 103 pertains to business combinations, Ind-AS 116 relates to principles for the recognition, presentation, and disclosure of leases. 
♦ As any lessors have extended rent concessions to lessees. However, applying the Ind-Ind-AS 116 requirements for changes to lease payments that posed practical difficulties amid the pandemic. As per the amendment, the entities will get relief from lease modification accounting due to COVID-19 related rent concessions. The amendments are allowed to be followed by lessees for annual reporting periods beginning on or after April 1, 2020.
♦ The amendment to Ind-AS 116 is expected to provide significant relief to such lessees for accounting for rent concessions from lessors specifically arising from the COVID-19 pandemic.
♦ The amendment in Ind-AS 103 is aimed to help entities to determine whether a transaction needs to be accounted for as a business combination or as an asset acquisition.
♦ The fair value concentration test will simplify the assessment of business considerably.

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