Under AASB 117,operating leases require the following disclosures by lessees:
A) The total of future minimum sublease payments expected to be received under non-cancellable subleases at the balance sheet date.
B) A general description of the lessee's significant leasing arrangements.
C) No disclosures are required as operating leases are expensed each year.
D) The total of future minimum sublease payments expected to be received under non-cancellable subleases at the balance sheet date and a general description of the lessee's significant leasing arrangements.
E) The net carrying amount at balance sheet date for each class of asset.

Question

Quizplus · Accepted Answer

AASB 117 requires lessees to disclose both the total of future minimum sublease payments expected to be received under non-cancellable subleases at the balance sheet date and a general description of the lessee's significant leasing arrangements. No specific disclosure is required for net carrying amount of assets under operating leases.

Under AASB 117,operating Leases Require the Following Disclosures by Lessees