U.S.GAAP and IFRS for leasing are very different in their accounting because both the FASB and the IASB have decided that the existing accounting does not provide the most usefull, transparent, and complete information about leasing transactions that should be provided in the financial statements.

Question

Quizplus · Accepted Answer

Both U.S. GAAP and IFRS have converged significantly in their leasing standards, with both adopting a model that requires lessees to recognize assets and liabilities for most leases, although there are still some differences in details and exemptions.

USGAAP and IFRS for Leasing Are Very Different in Their