Describe the primary differences between IFRS and U.S. GAAP in the way leases are classified as either

Question:

Describe the primary differences between IFRS and U.S. in the way leases are classified as either operating or finance (capital) leases.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...