All of the following are similarities with respect to the accounting for leases, under IFRS and GAAP, except: lessees recognize a right-of-use asset and related lease liability for leases with terms longer than one year. lessees use the same general lease classification criteria to determine if lessees classify leases as finance or operating. lessors under IFRS and GAAP use the same model to account for sales-type leases. GAAP and IFRS have similar qualitative and quantitative disclosure requirements for lessees and lessors.
All of the following are similarities with respect to the accounting for leases, under IFRS and GAAP, except: lessees recognize a right-of-use asset and related lease liability for leases with terms longer than one year. lessees use the same general lease classification criteria to determine if lessees classify leases as finance or operating. lessors under IFRS and GAAP use the same model to account for sales-type leases. GAAP and IFRS have similar qualitative and quantitative disclosure requirements for lessees and lessors.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter20: Accounting For Leases
Section: Chapter Questions
Problem 8MC: At its inception, the lease term of Lease G is 65% of the estimated remaining economic life of the...
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All of the following are similarities with respect to the accounting for leases, under IFRS and GAAP, except:
-
lessees recognize a right-of-use asset and related lease liability for leases with terms longer than one year.
-
lessees use the same general lease classification criteria to determine if lessees classify leases as finance or operating.
-
lessors under IFRS and GAAP use the same model to account for sales-type leases.
-
GAAP and IFRS have similar qualitative and quantitative disclosure requirements for lessees and lessors.
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