Question: A lessee is allowed to elect not to record a right - of - use asset and lease payable at the beginning of the lease

A lessee is allowed to elect not to record a right-of-use asset and lease payable at the beginning of the lease term for a lease that has a lease term of 12 months or having a value of $5,000 or less when using:
Multiple Choice
IFRS.
U.S. GAAP.
Either U.S. GAAP or IFRS.
Neither U.S. GAAP nor IFRS.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Question. Phlebas the Phoenician is a sailor and a merchant. He is about to embark on a potentially lucrative trading voyage, but is concerned that his boat might be raided by pirates (he understands...

Q:

Chapter 21 Group Work 1. On January 1, 2020, ABC Lessee leased equipment from Valley Equipment Lessor at a price of $360,376. Sun Equipment Lessor has a cost in the inventory of $288,376. The lease...

Q:

On January 1, 2024, Nath-Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which...

Q:

On January 1 , 2 0 2 4 , Nath - Langstrom Services, Incorporated, a computer software training firm, leased several computers under a two - year operating lease agreement from ComputerWorld Leasing,...

Q:

Fish Face Company purchased equipment for $250,000. Fish Face leased the equipment to Shark Company on 1/1/Y7 for a 6 year period. Shark agreed to pay Fish Face $60,000 at the beginning of each year...

Q:

-5. Distinguishing between an installment purchase and a finance lease s and a finance lease is due in large part to the accounting concept of A) Historical cost B) Materiality C) Substance over form...

Q:

Refer to Note 22: Leases. New lease accounting guidance requires companies to record a right of use asset and a lease liability for all leases, with the exception of short-term leases, at present...

Q:

New lease accounting guidance requires companies to record a right of use asset and a lease liability for all leases, with the exception of short-term leases, at present value. If Target had used the...

Q:

New lease accounting guidance requires companies to record a right of use asset and a lease liability for all leases, with the exception of short-term leases, at present value. If Target had used the...

Q:

Martinez Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning December 31, 2020. Annual rental payments of $56,000 are to be made at the beginning of each lease...

Q:

A lessee is allowed to elect not to record a right-of-use asset and lease payable at the beginning of the lease term for a lease that has a lease term of 12 months or having a value of $5,000 or less...

Q:

Refer the data in PE 14-30. Compute the cash flow adequacy ratio. Total revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $300,000...

Q:

Merchandise trade today accounts for less than 2 percent of all the foreign exchange transactions around the world. Can one deduce that merchandise plays an insignificant role in todays economies?...

Q:

Find the derivative of the following function. f ( x ) = 1 1 x 4 - 4 0 x e 2 ( x ) =

Q:

A company makes provision for bad debts at a rate of 5% of debtors. The debtors balances were given as below; 31/12/2009 shs.15,000,000 31/12/2010 shs.20,000,000 31/12/2011 shs.9,000,000 Show the...

Q:

Lisa is an avid user of social media. Which of the following of Lisa's statements represent good practices to protect client confidentiality when using social media? Select the correct option. A) I...

Q:

Hallmark places its scrapbook materials, photo albums, and related supplies into one product group because Group of answer choices it was easier to forecast future sales since there were fewer market...

Q:

What other tests would you suggest to Lisa, and why would you suggest them?

Q:

Choose a position with which you are familiar, such as a counterperson at a McDonalds restaurant, and describe how you would create a selection process for it similar to those in this feature.

Q:

How would you suggest they measure the effectiveness of their recruiting efforts?