Answered: the core principle of the new…

the core principle of the new accounting standard (IFRS 16) is that an entity shall recognise assets and liabilities arising from a lease. Select one alternative: True False

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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Question

the core principle of the new accounting standard (IFRS 16) is that an entity shall recognise assets and liabilities arising from a lease.

Select one alternative:

True
False

Expert Solution

Step 1

Lease is an agreement between two parties lessor and lessee. Lessor provides its asset for use to another party, that is known as Lessee.

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