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    Question

    Under Ind AS 116, lessee recognizes Right-of-Use Asset

    and Lease Liability except for:
    A Leases < 12 months Correct Answer Incorrect Answer
    B Low-value assets Correct Answer Incorrect Answer
    C Both A and B Correct Answer Incorrect Answer
    D High-value assets Correct Answer Incorrect Answer
    E Finance Leases Correct Answer Incorrect Answer

    Solution

    Lessees may opt exemption for short-term leases (<12 months) and leases of low-value assets.

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