1-Define a lease. Explain five key provisions that are to be included in a lease agreement?

2-Evaluate the advantages and disadvantages of leasing from the point of the lessee and lessor.

3-Critically examine managements incentives to favour one form of lease accounting over the other.

4-evaluate the motivation for accounting standard setters (IASB and AASB) releasing a new leasing standard AASB 16 replacing with AASB 117, to recognize all leases as finance leases, by comparing both.

5- examine potential implications of the newly introduced leasing standard AASB 16 for the financial statement preparers and users and explain whether AASB 16 'leases' is likely to overcome the problems associated with lease classification under AASB 117 leases.