Question: Savinsky Industries prepares its financial statements using IFRS and reports its leases as finance leases. If the company reported under U.S. GAAP, is it possible

Savinsky Industries prepares its financial statements using IFRS and reports its leases as finance leases. If the company reported under U.S. GAAP, is it possible that some of the leases could be classified as an operating lease? Explain Your initial post must be in your own words.

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Yes it is possible that some leases classified as finance leases under IFRS could be classified as operating leases under US GAAP Heres a detailed exp... View full answer

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