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Explain the AASB 117 Requirements for Accounting for Operating Leases

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Essay

Explain the AASB 117 requirements for accounting for operating leases by lessors.


Definitions:

Social Facilitation

The tendency for people to perform differently when in the presence of others compared to when alone, usually performing better on simple or well-rehearsed tasks.

Cognitive Dissonance

A psychological phenomenon where an individual experiences discomfort from holding two or more contradictory beliefs, values, or ideas simultaneously.

Groupthink

A mental effect that happens among a group when their preference for agreement or uniformity leads to illogical or ineffective choices being made.

Normative Social Influence

The influence of others that leads us to conform in order to be liked and accepted by them.

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