AASB 117 Deems Cancellable Leases with Which of the Following

question 12

Multiple Choice

AASB 117 deems cancellable leases with which of the following characteristics to be non-cancellable:
I II III IV
-Leases that can be cancelled upon the
Occurrence of some remote contingency No Yes Yes Yes
-Leases that can be cancelled only with
The permission of the lessor Yes No Yes Yes
-Leases where the lessee,upon
Cancellation,is committed to enter into
A further lease with the same lessor Yes Yes Yes No
-Leases that require the lessee to pay a
Substantial penalty on cancellation Yes Yes Yes No

• A)I
• B)II
• C)III
• D)IV.

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