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of <h1>Understanding Ind AS 17: Accounting Policies for Finance and Operating Leases, Disclosure Requirements, and Leaseback Transactions</h1> The Indian Accounting Standard (Ind AS) 17, which prescribes accounting policies for leases. It distinguishes between finance leases, which transfer substantial risks and rewards of ownership, and operating leases, which do not. Lessees must recognize finance leases as assets and liabilities at fair value or the present value of minimum lease payments. Operating lease payments are recognized as expenses on a straight-line basis. Lessors recognize assets under finance leases as receivables and allocate finance income over the lease term. Disclosure requirements include details of lease payments, arrangements, and financial impacts for both lessees and lessors. The document also addresses sale and leaseback transactions and provides guidance on determining whether arrangements contain leases.
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