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Is it required to classify the Lease Liability for leases whose period is ending within the next financial year as current liability or no such classification required. Also please let me know, if required, which law or standard requires such classification.
Answers (7)
CA Suraj Lakhotia Admin
The framework for Financial Reporting and Sch III requires liability to be classified as current and non current.
Okay sir So IND AS 116 doesn't specify to do so specifically
Thread Starter
Valli KotapatiOkay sir So IND AS 116 doesn't specify to do so specifically
Presentation in Balance Sheet are generally not covered by respective standard.
CA Suraj Lakhotia Admin
The framework for Financial Reporting and Sch III requires liability to be classified as current and non current.
But, as per recent amendment, seperate classification for current maturites of finance lease liabilities is not required right?
Akhil HR
But, as per recent amendment, seperate classification for current maturites of finance lease liabilities is not required right?
Current presentation is as below Current liabilities (a) Financial Liabilities (i) Borrowings 11[(ia) Lease liabilities] 3[(ii) Trade Payables:-
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