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IFRS 16 Quiz

Created by

@GainfulTopaz8699

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Questions and Answers

Which standard does IFRS 16 replace?

IFRS 16 (correct)

IFRS 13

IFRS 15

IFRS 9

What is the objective of IFRS 16?

To ensure that lessees and lessors provide relevant information that faithfully represents those transactions. (correct)

To establish principles for the recognition, measurement, presentation, and disclosure of leases.

To provide guidelines for subleases.

To replace the existing lease accounting standards.

Which leases does IFRS 16 apply to?

All leases, including subleases. (correct)

Only leases with a lease term of 12 months or less.

Only leases of intangible assets.

Only leases that are recognized as expenses on a straight-line basis.

Can a lessee choose to account for lease payments as an expense on a straight-line basis?

<p>Yes, for leases with a lease term of 12 months or less.</p> Signup and view all the answers

Are leases of intangible assets covered by IFRS 16?

<p>No, leases of intangible assets are excluded from IFRS 16.</p> Signup and view all the answers

Study Notes

IFRS 16 Overview

IFRS 16 replaces IAS 17, the previous standard for lease accounting.

Objective of IFRS 16

The objective of IFRS 16 is to provide a single, consistent lessee accounting model for all leases.

Applicability of IFRS 16

IFRS 16 applies to all leases, except for leases of: • Biological assets • Insurance contracts • Leases of certain intangible assets (e.g., licenses of software, copyrights) • Leases of exploration for, or use of, minerals, oil, natural gas, and other non-regenerative resources.

Accounting for Lease Payments

A lessee can choose to account for lease payments as an expense on a straight-line basis, but this is only an exemption for leases with a lease term of 12 months or less, or for leases with an underlying asset of low value.

Exclusions from IFRS 16

IFRS 16 does not cover leases of intangible assets, except for certain cases, such as leases of intangible assets embedded in a physical asset.

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Description

Test your knowledge of IFRS 16 and related standards with this quiz. Learn about the history, interpretations, amendments, and objectives of IFRS 16, which sets principles for leases.