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Equipment Leasing / Lease Financing
Define a lease.
Contract where lessor allows lessee use of property for specific period on agreed payment terms.
Which accounting standard governs lease accounting in India?
Ind AS 116 — Leases, effective April 1, 2019.
What are the two types of leases under Ind AS 116?
Finance Lease (Capital Lease) and Operating Lease.
Define finance lease.
Lease transferring substantially all risks and rewards of ownership to lessee.
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