The major difference between ASU $2016-02$ and IFRS No$.16$ is

Group of answer choices

All leases must be recorded as finance leases by lessees under ASU $2016-02$; whereas, some leases may be recorded as operating leases by lessees under IFRS No$.16.$

All leases must be recorded as finance leases by lessees under IFRS No$.16$; whereas, some leases may be recorded as operating leases by lessees under ASU $2016-02$

All leases must be recorded as finance leases by lessors under ASU $2016-02$; whereas, some leases may be recorded as operating leases by lessors under IFRS No$.16$

All leases must be recorded as finance leases by lessors under IFRS No$.16$; whereas, some leases may be recorded as operating leases by lessors under ASU $2016-02.$