Lease Accounting Finance Homework Help

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1. Describe the primary differences between IFRS and U.S. GAAP in the way leases are classified as either operating or finance (capital) leases.
 
2. The IASB and FASB are collaborating on a joint project to revise accounting standards for leases. Briefly describe the direction the project is taking.
 
3. Could a finance (capital) lease under IFRS be classified as an operating lease under U.S. GAAP? Explain.
 

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4. Where can we find authoritative guidance for accounting for leases under IFRS?
 
5. How does a leveraged lease differ from a nonleveraged lease?
 

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