Aviation Airlines likely to see 'volatility' in profit and loss accounts on new accounting standard Updated : April 28, 2019 06:01 PM IST Indian Accounting Standard 116 or Ind AS-116 has come into effect from April 1 and pertains to principles for recognition, presentation and disclosure of leases. The standard, notified by the corporate affairs ministry, would have a significant impact on various industries such as airlines, where aircraft operated are mostly on lease. It also comes at a time when the domestic airline industry is grappling with tough times due to the rise in fuel prices, intense competition, financial issues and infrastructure woes. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.