Contract Evaluation Checklist

The Contract Evaluation Checklist is the second way of entering lease details. It assists in determining whether a contract qualifies as a lease or not.

The checklist consists of 10 Yes/No questions. Based on the answers, the tool determines if the contract contains a lease. This feature allows the tool to act as a contract repository, with reports available showing the status of all contracts created in the tool.

5.2.2.1 Contract Information

  • Enter the name of the party entered in the contract.
  • Enter the contract number.
  • Enter the start and end dates of the contract in YYYY-MM-DD format.
  • The calendar button can also be used to select dates.
  • Save your progress by clicking on the save icon save-icon (replace with actual icon or description).

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5.2.2.2 Contract Evaluation

This section contains questions that document the evaluation process to determine whether the lease falls under IND AS 116.
Reasons for answering “Yes” or “No” can be added in the Remarks column.

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5.2.2.3 Contract Evaluation Results

  • These questions document the outcome of the lease evaluation.
  • If the contract does not contain a lease, the Create LeaseID button will be inactive.
  • If it does contain a lease, clicking the Create LeaseID button opens the lease details page with fields like Contract Number, Party Name, Contract Start Date, and Contract End Date prefilled from the checklist.

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Additional Features

  • Answer each question with Yes or No as per the contract entered.
  • Add remarks if needed.
  • Save your progress by clicking the save icon save-icon.
  • Use the dropdown to view existing party names and their corresponding contract evaluations.
  • Click the Add Contract icon add-icon to add a new contract.
  • Click the Edit Contract icon edit-icon to edit an existing contract.