Which of the following are not required disclosures for leases under PFRS 16? the expense relating to short-term leases restrictions or covenants imposed by leases the expense relating to variable lease payments not included in the measurement of lease liabilities total cash outflow for leases leases not yet commenced to which the lessee is committed Group of answer choices Only 5. Only 2. Only 2 and 5. All are required to be disclosed.

Which of the following are not required disclosures for leases under PFRS 16? the expense relating to short-term leases restrictions or covenants imposed by leases the expense relating to variable lease payments not included in the measurement of lease liabilities total cash outflow for leases leases not yet commenced to which the lessee is committed Group of answer choices Only 5. Only 2. Only 2 and 5. All are required to be disclosed.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following is not one of the procedures for accounting by the lessee for a decrease in lease scope? a. both are required accounting procedures b. both are not required accounting procedures c. Adjustment of the decreased finance lease liability to the present value of future lease payments d. Decrease in the right of use asset equal to that of the peso decrease in finance lease liability to reflect decrease in scope
Which of the following is false with respect to lease accounting under IFRS? IFRS require lessees to recognize a right-of-use asset and related lease liability for leases with terms longer than one year. IFRS does not include any explicit guidance on collectibility of the lease payments by lessors and amounts necessary to satisfy a residual value guarantee. IFRS does not permit recognition of selling profit on direct financing leases at lease commencement. IFRS uses essentially the same lessor accounting model as GAAP for leases classified as sales-type or operating.
Which of the following is not one of the procedures for accounting by the lessee for a decrease in lease scope? Decrease in the right of use asset equal to that of the peso decrease in finance lease liability to reflect decrease in scope both are required accounting procedures Adjustment of the decreased finance lease liability to the present value of future lease payments both are not required accounting procedures
PFRS 16 allows off-balance-sheet reporting of leases under which of the following? both of the two choices either of the two choices short-term leases low value leases
Which of the following is incorrect regarding the accounting for leases by a lessee? A. A lessee recognizes the same total amount of expense on a lease whether it uses the general recognition or the recognition exemption under PFRS 16. B. The interest expense on a lease liability decreases each period C. According to PFRS 16, executory costs, such as insurance and real property taxes, are always excluded from lease payments regardless of whether these costs transfer goods or services to the leasee. D. A lessee shall allocate the total consideration in a contract to the lease components and non-lease components of the contract
(4) In a lease that is appropriately recorded as a direct-financing lease by the lessor, unearned income A. should be amortized over the period of the lease using the effective interest method. B. should be amortized over the period of the lease using the straight-line method. C. does not arise. D. should be recognized at the lease's expiration. E. None of these answer choices are correct.
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