Are there any lease obligations that need to be disclosed?

Lease obligations

 

Lease obligations Certainly, various lease commitments require disclosure within a company’s financial statements.

These disclosures are required by various accounting standards, such as IFRS 16, ASC 842, and MCA 116.

Some of the key lease obligation that need to be disclosed include:

• The total amount of lease liabilities
• The maturity analysis of lease liabilities
• The amount of lease payments due in the next year
• The amount of lease payments due in the next five years
• The amount of lease payments due beyond five years
• The amount of contingent rent
• The general description of significant leasing arrangements

To visit: https://www.incometax.gov.in

 

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