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Which of the following does not describe a difference between ASC 842 and IFRS16? Multiple...

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Accounting

Which of the following does not describe a difference between ASC 842 and IFRS16?

Multiple Choice

  • IFRS does not provide for operating leases.

  • IFRS permits early adoption only if firms have adopted IFRS 15, the new revenue recognition standard.

  • IFRS allows some right-of-use assets to be carried at fair value.

  • ASC 842 limits the recognized gain to that of the residual interest retained by the buyer-lessor.

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