Required:
Discuss the classification, recognition and measurement provisions of IAS 17 for finance and accounting leases. (650 words)
IAS 17 had been criticized for a long time in particular by the airline industry. Discuss the criticism on IAS 17 using the example of an airline. Your answer must clearly discuss the measurement and recognition issues pertaining to IAS 17. (650 marks)
Discuss, in detail, the new rules for lease classification, recognition, measurement and disclosure as per IFRS 16. (875 words)
Discuss the impact of IFRS 16 application on lessee’s statement of financial position, income statement, cashflows and financial ratios. Answers must be supported by actual examples from companies which have transitioned from IAS 17 to IFRS 16. (1325)
Your work should be in a logical and cohesive essay with a brief introduction and conclusion. Please clearly make headings for each task. Place the company financial statement extracts as appendix or as images clearly labelled in your work.
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