All change for IFRS 16?

Which body has issued the Exposure Draft?

International Accounting Standards Board

Accounting Standards Committee

IFRS Foundation

IFRS Interpretations Committee

Which of the following explains an issue the Exposure Draft is trying to solve?

Variable payments not linked to an index or rate are not currently to be included in the lease liability

The depreciation rate applied to right of use assets is not being applied consistently

The small-value lease exemption has yet to be defined

The effective interest rate to be used is unclear

What is the key determinant of the accounting treatment of a sale and leaseback?

Whether the lease payments constitute substantially all of the asset's fair value

Whether the transfer constitutes a sale per IFRS 15

Whether the leaseback is the majority of the useful life

Whether the transaction is an operating or finance lease

Which, if any, of the following payments is now to be included in the calculation of the initial lease liability in a sale-and-leaseback? Statement 1 - Fixed payments less any lease incentives, or Statement 2 - Future interest costs

Both statements are correct

Neither statement is correct

Statement 2 only is correct

Statement 1 only is correct

Which of the following is included in the new Exposure Draft?

An explanation of the subsequent treatment of the lease liability in a sale and leaseback

None of these

An identification of which finance costs can be classified as directly attributable to the asset

How much of the gain should be held in deferred income

Which of the following is the correct treatment for a sale and leaseback if the transaction DOES constitute a sale per IFRS 15?

None of these

A gain is recognised as the difference between proceeds and carrying amount of the asset

The proceeds are held as a finance liability

A gain is recognised representing the right of use transferred to the buyer-lessor

If the amount actually paid in respect of the liability in a sale-and-leaseback differs from the expected variable payment, how is this shown?

No entries are recorded in respect of this

The liability is remeasured at year-end

The difference between the expected and actual payment goes to the profit or loss

The difference is held as a prepayment

What is the aim of the Exposure Draft?

To make amendments to IFRS 16

To alter the conceptual framework for financial reporting

To provide additional disclosure requirements for companies

To come to a draft decision which aids further guidance

Which, if any, of the following statements is correct? Statement 1 - The sale and leaseback with variable payments issue only exists where the transaction does not qualify as a sale per IFRS 15, or Statement 2 - The ROU asset under a sale and leaseback is recorded at the proportion of the proceeds remaining with the seller-lessee

Both statements are correct

Neither statement is correct

Statement 1 only is correct

Statement 2 only is correct

Which of the following would NOT be affected by the Exposure Draft?

The gain or loss recognised on derecognition of the asset

The amount to be held as a lease liability

The amount to be paid annually

The amount recorded as the right-of-use asset

All change for IFRS 16?

Which body has issued the Exposure Draft?

Which of the following explains an issue the Exposure Draft is trying to solve?

What is the key determinant of the accounting treatment of a sale and leaseback?

Which, if any, of the following payments is now to be included in the calculation of the initial lease liability in a sale-and-leaseback? Statement 1 - Fixed payments less any lease incentives, or Statement 2 - Future interest costs

Which of the following is included in the new Exposure Draft?

Which of the following is the correct treatment for a sale and leaseback if the transaction DOES constitute a sale per IFRS 15?

If the amount actually paid in respect of the liability in a sale-and-leaseback differs from the expected variable payment, how is this shown?

What is the aim of the Exposure Draft?

Which of the following would NOT be affected by the Exposure Draft?

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