Accounting · IFRS 16 Leases
Which of the following conditions is NOT required to conclude that a contract contains a lease under IFRS 16?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The lessee must take physical possession of the asset throughout the lease term.✓
- 2The customer has the right to direct the use of the identified asset.
- 3The contract involves the use of an identified asset.
- 4The customer has the right to obtain substantially all of the economic benefits from use of the identified asset.
Correct answer
The lessee must take physical possession of the asset throughout the lease term.
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