What is difference between ind as 116 and as 16

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Accepted Answer

Ind AS 116 is the Indian version of IFRS 16, while AS 16 is the old Indian accounting standard for leases.

Ind AS 116 is effective from April 1, 2019, while AS 16 was effective from April 1, 2001.
Ind AS 116 requires lessees to recognize most leases on their balance sheet, while AS 16 only required finance leases to be recognized on the balance sheet.
Ind AS 116 eliminates the distinction between operating and finance leases for lessees, while AS 16 maintained this distinction.
Ind AS 116 requires lessees to recognize a right-of-use asset and a lease liability, while AS 16 only required a lessee to recognize an asset or liability in certain circumstances.
Ind AS 116 requires lessors to classify leases as either operating or finance leases, while AS 16 did not have specific guidance on lessor accounting for leases.

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