The recorded values of the asset(s)and corresponding liability at the inception of a finance lease (from the point of view of the lessee)will always be the same under ASPE and IFRS.

Question

Quizplus · Accepted Answer

Under ASPE (Accounting Standards for Private Enterprises) and IFRS (International Financial Reporting Standards), the initial measurement of a finance lease asset and liability may differ due to different criteria and measurement bases prescribed by each framework. IFRS tends to focus more on the present value of future lease payments, while ASPE may allow for different valuation bases, leading to potential differences in the recorded values at inception.

The Recorded Values of the Asset(s)and Corresponding Liability at the Inception