All of the following statements are true except
A)the criteria to determine whether a lease contract should be considered a capital lease are applied in a more rigid way under U.S.GAAP than IFRS.
B)the criteria to determine whether a lease contract should be considered a capital lease are applied in a more rigid way under IFRS than U.S.GAAP.
C)the lease criteria under IFRS are to be used as guidelines rather than rules.
D)IFRS require more accounting judgment than U.S.GAAP in the determination of whether a lease is classified as an operating lease or a capital lease.

Question

Quizplus · Accepted Answer

The statement "the criteria to determine whether a lease contract should be considered a capital lease are applied in a more rigid way under IFRS than U.S.GAAP" is false. In fact, the opposite is true - under U.S.GAAP, the criteria are applied more rigidly than under IFRS. The other statements are true.

All of the Following Statements Are True Except