S1: Ind AS 116 deals with Leases. S2: Ind AS 116 requires lessees to recognize a right-of-use asset and a lease liability. Which statement(s) is/are correct?
Explanation:
Ind AS 116 is the standard for Leases. It introduced a single lessee accounting model, requiring lessees to recognize a right-of-use asset and a corresponding lease liability for all leases (with minor exceptions). Both are correct.
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