Under a Joint Exposure Draft Issued by the IASB and FASB

question 54

Multiple Choice

Under a joint exposure draft issued by the IASB and FASB in 2010, what is one of the most significant proposals?

• A)IFRS and U.S.GAAP would have identical quantifiable criteria for lease classification.
• B)Leases would no longer be classified as finance or operating.
• C)Lessors would recognize income immediately at the inception of the lease.
• D)There would be no lease disclosure required in the notes to the financial statements.

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