IFRS 16 - Thuê

What is/are the key feature(s) of IFRS 16 -Leases?

• A. (a)Assets and liabilities must be recognized for all leases longer than 12 months

• B. (b)There is no distinction between finance leases and operating leases

• C. ©Finance leases must be capitalized as assets in the statement of financial position, and operating lease payments must be recognized on a straight-line basic or another systematic basic in the statement of financial performance

• D. Both (a & b apply for lessees, and (c) for lessors

What is the effective date of IFRS 16 Leases?

• A. 1 january 2018

• B. 1 july 2018

• C. 1. January 2019

• D. july 2019

Company X needed storage for its products and rented the unit 1B of 60 meter squared in the warehouse Y. The unit 1B is dedicated to the company X, but the warehouse Y can relocate the company X’s inventories in the case of fire or flood. Which of the following statements is true?

• A. There is no lease in the contract, because no asset is identified

• B. There is a lease in the contract, because the asset is identified and X can control its use.

• C. There is a lease in the contract, because although no asset is identified, X will still need to pay the lease payments throughout the lease term.

• D. There’s no lease in the contract. There is an identified asset, but X cannot control its use, because Y can relocate its inventories.

Which item is NOT included in the lease payments?

• A. Penalties for terminating the lease

• B. Variable payments depending on an index or a rate

• C. Residual value guarantees

• D. Variable payments NOT depending on an index or a rate

What is the journal entry at the inception of the lease in the financial statements of a lessee?

• A. Debit Asset acquired under the finance lease and credit Finance lease liabilities

• B. Debit Asset acquired under the finance lease and credit Trade payables.

• C. Debit Asset acquired under the finance lease and credit Bank accounts

• D. Debit Finance lease receivable and credit Asset provided under the finance lease.

The lessee M entered into the lease of office space with the lessor N on 1 February 20X1. The lessee will pay CU 500 per month, but the first 3 months are rent-free as a bonus from the lessor. The lessor hands out the office space on 1 March 20X1, but the lessee moves in and starts to use the office space on 1 April 20X1. When should the lessee start accounting for the lease?

• A. On 1 March, when the lessor made the office space available for use.

• B. On 1 June, when the lessee starts making payments after 3-months rent-free period.

• C. On 1 April, when the lessee moves in and starts to use the office space.

• D. On 1 February, when the contract was signed.

A leased asset should be depreciated over the…

• A. Shorter of the lease term and the asset’s useful life

• B. Longer of the lease term and the asset’s useful life

• C. Entire lease term

• D. Useful life of the asset

How shall the lessee determine the appropriate discount rate to measure the lease liability?

• A. It is the interest rate implicit in the lease or the lessee’s incremental borrowing rate.

• B. It is the market rate of interest on the borrowings with similar terms as the lease.

• C. It is the market yield with securities from the same industry with the same maturity dates as the lease term.

• D. It is the interest rate implicit in the lease while taking the lessee’s initial direct cost into account.

When there is a change in the lease term, the lessee needs to:

• A. Remeasure the lease liability with difference recognized in profit or loss, by discounting the revised lease payments by the unchanged discount rate.

• B. Remeasure the lease liability as an adjustment of the right-of-use asset, by discounting the revised lease payments by the revised discount rate.

• .C. Remeasure the lease liability with difference recognized in profit or loss, by discounting the revised lease payments by the revised discount rate.

• D. Remeasure the lease liability as an adjustment of the right-of-use asset, by discounting the revised lease payments by the unchanged discount rate.

Which of the following is not an indication a lease is a finance lease?

• A. The lease transfers ownership of the asset to the lessee at the end of the lease

• B. The lease term is for a short part of the economic life of the asset

• C. The leased assets are specialised in nature

• D. The present value of minimum lease payment amounts to substantially all of the fair value of the asset