Answer this question below?

1. Why leases was changeed from IAS 17 to IFR 16? What made the accounting board to take such action?

2. What is stand- alone price?

3. What is non- lease components?

4. What is lease modification?

5. What is the difference between the fair value of the consideration for the sale and the fair value of the assets?

6. What is the different betwwen the present value of the contractual payment for the lease and the present value of payments for the lease market rates?

What is the meaning of this paragraph below.

1. Separating component of contract

For a contract that is, or contains, a lease, an entity shall account foe each lease component within the contract as a lease separately fron non-lease components of the contract, unless the entity applies the practical expedient.

2. Lessee

For a contract that contains a lease component and one or more additional lease or non-lease components, a lease shall allocate the consideration in the contract to each lease component on the basis of the relative stand- alone price of the lease component and the aggregate stand- alone price of the non- lease components.

3. A lessee shall reassess whether it is reasonably certain to exercise an extension option, or not to exercise a termination option, upon the occurrence of either a significant event or a significant chage in cirsumstance.

4. The lessor shall present underlying assets subject to operate leases in its statement of financial position according to the nature of the underlying assets