IFRS Does Not Classify Leases as Operating and Financing and Does

question 141

True/False

IFRS does not classify leases as operating and financing and does not distinguish two types of leases. Rather, lessee accounting treatment is the same for all leases under IFRS.

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Definitions:

Dimensional-analysis

A mathematical technique used to convert units of measurement without changing the dimensional or physical value.

Kilometers

A unit of length in the metric system equal to 1,000 meters, often used to measure distances.

Miles

Units of distance measuring 5,280 feet, or approximately 1.609 kilometers, commonly used in the United States.

Dimensional-analysis

A mathematical technique used to convert one set of units to another, facilitating computations and solving problems.