The Main Difference in Accounting for Leases Under Accounting Standards

question 179

True/False

The main difference in accounting for leases under Accounting Standards for Private Enterprises (ASPE_versus International Financial Reporting Standards (IFRS_is that IFRS requires effective-interest method of amortizing a bond discount or premium.

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Definitions:

Business Necessity

A legitimate, documented reason for a business action that is essential for the operation or survival of the business.

Illegal Discrimination

Unfair or unequal treatment of an individual or group based on certain characteristics deemed by law, such as race, age, sex, religion, or disability.

Bona Fide Occupational Qualification

A legal term referring to employment qualifications that are reasonably necessary to the normal operation of a particular business or job.

Corporate Jet

A private aircraft owned or leased by a company for the transport of its executives, employees, or guests.