Highlights:
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.
source https://naukri.sarkari-exam.in/government-amended-certain-indian-accounting-standards/