Under a joint exposure draft issued by the IASB and FASB in 2010, what is one of the most significant proposals?
A) IFRS and U.S.GAAP would have identical quantifiable criteria for lease classification.
B) Leases would no longer be classified as finance or operating.
C) Lessors would recognize income immediately at the inception of the lease.
D) There would be no lease disclosure required in the notes to the financial statements.
Correct Answer:
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