chapter 9 - leases

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• When can a user choose not to apply a lease accounting treatment? Short-term leases
• How is the right of use asset initially measured? At cost (present value of the sum of future rents)
• What is the incremental borrowing rate? The interest rate the lessee would have to pay to borrow money
• Throughout the period of use, the customer in a lease transaction must have two requirements fulfilled, describe one of them. The user must have the right to obtain almost all the economic benefits from the use
• How is the right of use asset measured subsequently? Cost less depreciations and impairments
• How is a lease defined in IFRS16? A contract that gives the holder the right to use an asset for a period of time and pays for it
• How is the lease-term defined? As the non-cancellable period of the lease
• How is the reduction of the liability to the lessor calculated? It is lowered with the lease payment, less calculated interest costs presented in the income statement

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