Under IFRS, If the Leased Asset Is for a Low

question 67

True/False

Under IFRS, if the leased asset is for a low value asset, an entity may elect an exemption to not record the leased assets and liabilities on its balance sheet.

---

Definitions:

Hallucinations

False sensory experiences, such as seeing something in the absence of an external visual stimulus.

Sensory Stimulus

A signal to which an organism responds, originating from external or internal environments.

Circadian Rhythm

The innate process that controls the cycle of sleeping and waking, which naturally repeats about every 24 hours.

Consciousness

The state or quality of awareness, or being aware of an external object or something within oneself.