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.
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