1. Minimum lease payments for a lessee under IFRS include the following: Answer
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Question
1. Minimum lease payments for a lessee under IFRS include the following: Answer
2. Which of the following factors typically is the most difficult to determine by a lessee when considering if the present value of the minimum lease payments at the beginning of the lease term is at least substantially all of the fair value of the leased asset? Answer
3. If a company is determining the present value of the minimum lease payments under a lease, what interest rate should be used as the discount rate using US GAAP? Answer
4. If a company is determining the present value of the minimum lease payments under a lease, what interest rate should be used as the discount rate using IFRS? Answer
5. Initial direct costs for capital/finance leases under US GAAP: Answer
6. Initial direct costs for capital/finance leases under IFRS: Answer
7. The initial direct costs of an operating lease by a lessor: Answer
8. The interest rate implicit in a lease is the discount rate that, at the inception of the lease, causes the aggregate present value of the minimum lease payments and residual value to be equal to: Answer
Required payments specified under the lease agreement
Any amounts guaranteed by the lessee or by a related party to the lessee
Direct costs of the lessee necessary to consummate the lease
a. and b.
Explanation / Answer
1. a&b
2. b
3. c
4. a
5. a&d
6. b&d
7. a&b
8. d
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