INTERMEDIATE ACCOUNTING WPNG MULTI-S
17th Edition
ISBN: 2818440096518
Author: Kieso
Publisher: WILEY
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Chapter 21, Problem 2ICA
To determine
Lease: A contractual arrangement between the owner of the asset and the user of the asset for a fixed amount of money is termed lease. In this contract the owner of the asset permits the user to use the property for a fixed sum of money received at the time of handing over the asset. At the end of the contract tenure the user of the asset need to return the asset to the owner. The parties involved in the contract are termed the lessor the owner of the asset and the lessee the user of the asset.
To determine the similarities and differences between GAAP and IFRS in treating lease.
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INTERMEDIATE ACCOUNTING WPNG MULTI-S
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