116 🆒

: Lessees must recognize a Right-of-Use (ROU) asset and a corresponding lease liability .

In the Indian legal system, Section 116 appears across several major acts: : Lessees must recognize a Right-of-Use (ROU) asset

is the Indian Accounting Standard that governs leases, aligning with the international standard IFRS 16 . : Lessees must recognize a Right-of-Use (ROU) asset