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Viefleur [7K]
3 years ago
13

A short-term lease: Multiple Choice Must be accounted for by the short-cut method if using U.S. GAAP. Is defined as having a val

ue of $10,000 or less. Is defined as having a lease term of fifteen months or less. Not required to be accounted for by the short-cut method if using IFRS.
Business
1 answer:
Sauron [17]3 years ago
6 0

Answer: Not required to be accounted for by the short-cut method if using IFRS.

Explanation:

A Short term Lease is one where a person or entity is granted the legal use of a space for a small period of time which is a year or less.

In calculating this, the Sixteenth International Financial Reporting Standards, IFRS 16, states that a Short Term lease may be charged directly to a Profit and Loss account.

It does not approve the use of the Shortcut method which is a qualitative measure of analysis that is ONLY approved under the US Accounting system (GAAP) and even then is not widely used.

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Answer:

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Elasticity -

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Answer:

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3 years ago
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