FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:**Discussion Prompt:**
Discuss the financial statement disclosure requirements for all leases entered into by the lessor.
**Response Area:**
The image shows a text editor with various formatting options such as bold, italic, underline, and others for aligning and styling text. There are no graphs or diagrams. The primary focus is on drafting an essay in response to the discussed topic about financial disclosures for leases by lessors.
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- The basic concept of “substance over form” influence lease accounting. Explain in detail how it does affect lease accounting?arrow_forwardIFRS(a) What is included in the measurement of (1) the lease liability and (2) the right-ofuse asset?(b) Besides the non-cancelable term of the lease, what are other considerations indetermining the “lease term”?(c) When should a lessee account for a lease modification? What procedures arefollowed?arrow_forwardExplain and evaluate the eff ects on financial statements and ratios of finance leases and operating leases from the perspectives of both the lessor and the lessee.arrow_forward
- Describe the accounting procedures involved in applying the operating lease method by a lessee.arrow_forwardOutline the accounting procedures involved in applying the operating lease method by a lessee.arrow_forwardAt the beginning of an operating lease, the lessor will record what asset or assets, if any?arrow_forward
- Reference to the accounting standard, explain how does the lease liability measured at lease inception?arrow_forward25arrow_forwardWhich of the following accounts is not included in the journal entry recorded by a lessee when paying the lease payment of an operating lease? A. Lease Expense B. Right-of-Use Asset C. Interest Expense D. Lease Liabilityarrow_forward
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