When accounting for leases, standard setters prefer to overlook legal form in favor of economic substance. Critically

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“When accounting for leases, standard setters prefer to overlook legal form in favor of economic substance.” Critically discuss this statement in light of the requirements of IFRS 16 Leases, and explain why the standard setters considered accounting for leases to be an area in need of standardization and discuss the rationale behind the approach adopted in IFRS 16.

Posted Date: Dec 06, 2021 06:50 AM

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When accounting for leases, standard setters prefer to overlook legal form in favor of economic substance. Critically

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In the given case the requirement for classification of lease does not arise because as per ... View the full answer

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