Difference between InD AS 116 and AS17m

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Ind AS 116 and AS 17M are accounting standards related to lease accounting, with Ind AS 116 being the updated version of AS 17M.

Ind AS 116 is the updated version of AS 17M, which deals with lease accounting.
Ind AS 116 requires lessees to recognize most leases on their balance sheets, while AS 17M allows for off-balance sheet treatment in certain cases.
Under Ind AS 116, lessees must recognize a right-of-use asset and a lease liability for almost all leases, while AS 17M allows for classification as operating or finance leases.
Ind AS 116 eliminates the classification of operating and finance leases, instead focusing on the lessee's rights to use the underlying asset.
AS 17M allows for different accounting treatments for operating and finance leases, while Ind AS 116 requires a single accounting treatment for all leases.

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