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Understanding the ‘short term’ lease expedient under Ind AS 116

December 20, 2019[2019] 112 taxmann.com 241 (Article)
Ind AS 116 Leases defines a short-term lease as one that has a lease term of 12 months or less without any purchase options. The standard contains a practical expedient that allows a lessee the choice of keeping short-term leases out of the purview of Ind AS 116 and, hence, ‘off-balance sheet’. Most of the companies are taking advantage of this practical expedient; however, companies may tend to have a ‘once short-term, always short-term’ mentality.
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