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CMA Final · Corporate Financial Reporting · Leases (Ind AS 116)

Which set of Indian Accounting Standards does Ind AS 116 require a lessor to apply for the disclosure requirements relating to assets subject to operating leases?

For assets subject to operating leases, a lessor applies the disclosure requirements of Ind AS 36, Ind AS 38, Ind AS 40 and Ind AS 41, as paragraph 96 of Ind AS 116 states. These cover impairment, intangible assets, investment property and agriculture.

  1. AInd AS 2, Ind AS 8, Ind AS 10 and Ind AS 12
  2. BInd AS 21, Ind AS 23, Ind AS 33 and Ind AS 34
  3. CInd AS 36, Ind AS 38, Ind AS 40 and Ind AS 41Correct
  4. DInd AS 102, Ind AS 108, Ind AS 110 and Ind AS 113

Explanation

Paragraph 96 of Ind AS 116 states that a lessor shall apply the disclosure requirements in Ind AS 36, Ind AS 38, Ind AS 40 and Ind AS 41 for assets subject to operating leases. The other sets of standards are not named in that paragraph.

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