Accounting · IFRS 16 Leases
According to IFRS 16 Leases, identify which of the following statements indicates or does not indicate that a contract contains a lease: 1. The lessee obtains substantially all of the economic benefits from use of the identified asset. 2. Ownership of the asset is transferred at the end of the lease term. 3. The contract relates to an identified asset. 4. The lessor has a substantive right to substitute an identical asset throughout the period of use.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Indicates a lease = 4; Does not indicate a lease = 1, 2
- 2Indicates a lease = 4; Does not indicate a lease = 1, 3
- 3Indicates a lease = 1, 2, 3; Does not indicate a lease = 4✓
- 4Indicates a lease = 4; Does not indicate a lease = 1
Correct answer
Indicates a lease = 1, 2, 3; Does not indicate a lease = 4
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