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    Question

    A company takes office space on a 5-year lease. As per

    Ind AS 116, what should be recognized in books at commencement?
    A Lease rental as expense Correct Answer Incorrect Answer
    B Lease asset and lease liability Correct Answer Incorrect Answer
    C Advance rent only Correct Answer Incorrect Answer
    D Lease commitment note in footnotes Correct Answer Incorrect Answer

    Solution

    Ind AS 116 requires lessee to recognize a Right-of-use (ROU) asset and a lease liability for all long-term leases.

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