Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by the International Accounting Standards Board (IASB) of IFRS Foundation. As a part of consultation with stakeholders, the IASB carries out Post-Implementation Review (PIR) of each new IFRS Accounting Standard or major amendment to a Standard. The PIRs are a vital part of the IASB’s due process which helps in assessing whether the effects of applying the new requirements on users of financial statements (users), preparers, auditors and regulators are as intended when the new requirements were developed.

Recently, the IASB has issued Request for Information on Post-implementation Review of IFRS 16 Leases for public comments. IFRS 16 was issued in January 2016 and came into effect in January 2019 to improve information that companies provide about their lease arrangements to investors and other users of financial statements. The PIR will evaluate whether IFRS 16 is broadly working as intended for investors, companies, auditors and regulators.

The Accounting Standards Board (ASB) of ICAI with the aim to provide an opportunity to the various stakeholders in India to provide their feedback, invites comments on the PIR of IFRS 16 which has been hosted on the website of the Institute of Chartered Accountants of India (www.icai.org) for public comments with last date as August 31, 2025. The downloadable version is available at: https://resource.cdn.icai.org/86713rfi-iasb-2025-1-pir-ifrs-16.pdf

Comments on the abovementioned Request for Information may be submitted through any of the following modes: