India has amended the accounting standards to provide relief to companies that received concessions on their rentals after Covid-19 outbreak.

Changes to the Indian Accounting Standards (Ind AS) will allow companies to show the benefit in their profit and loss (P&L) account. The move comes as a huge relief for airlines or retail chains that have many assets or properties on hire.

“Due to good rains, farmers have been able to plant crops timely. Now, they will soon cover the entire cultivable land,” said an agriculture ministry official, who did not wish to be identified.