Under IFRS
A)Disclosure of lessee future minimum lease payments for the periods within one year,within years two through five,and after five years are required.
B)Lessees can classify some assets held under leases as investment property.
C)The two additional lessor criteria provided under U.S.GAAP for lease revenue recognition are absent.
D)All of the choices are correct.

Question

Quizplus · Accepted Answer

Under IFRS, all the statements provided are correct. Lessees are required to disclose future minimum lease payments in the specified periods, can classify leased assets as investment property if they meet certain criteria, and the two additional lessor criteria for lease revenue recognition present under U.S. GAAP are indeed absent in IFRS.