Please provide summary on Ind AS 17 - Leases
The objective of this Standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosure to apply in relation to leases.
This Standard shall be applied in accounting for all leases other than:
(a) leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources; and
(b) licensing agreements for such items as motion picture films, video recordings, plays, manuscripts, patents and copyrights.
However, this Standard shall not be applied as the basis of measurement for:
(a) property held by lessees that is accounted for as investment property (see Ind AS 40, Investment Property);
(b) investment property provided by lessors under operating leases (see Ind AS 40, Investment Property);
(c) biological assets within the scope of Ind AS 41 Agriculture held by lessees under finance leases; or
(d) biological assets within the scope of Ind AS 41 provided by lessors under operating leases.
This Standard applies to agreements that transfer the right to use assets even though substantial services by the lessor may be called for in connection with the operation or maintenance of such assets. This Standard does not apply to agreements that are contracts for services that do not transfer the right to use assets from one contracting party to the other.
