In an Operating Lease,the Lessee Is Not Required to Record

question 137

True/False

In an operating lease,the lessee is not required to record the right to use the property as an asset or to record the obligation for payments as a liability.

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Definitions:

Adjusting Events

Events after the balance sheet date that provide further evidence of conditions that existed at the end of the reporting period, requiring adjustments to financial statements.

Non-Adjusting Events

Events after the reporting period that do not provide new information about conditions existing at the end of the reporting period.

AASB 108

The Australian Accounting Standards Board standard outlining the procedures for making accounting policy changes, correcting errors, and making estimates.