In reference to the statement,'.....if the non-cancellable lease term is for the major part of the economic life of the asset,the lease is generally considered to be a finance lease",AASB 117 defines "major part" as 75 per cent:

Question

Quizplus · Accepted Answer

AASB 117 does not explicitly define "major part" as 75 percent; it is a guideline often used in practice, but not a strict definition in the standard.

In Reference to the Statement