Which of the following is included within the scope of AASB 117?
A)Lease agreement for an oil refinery.
B)Lease agreements for biological assets.
C)Lease agreements to explore for minerals.
D)Licensing agreements for motion picture films.

Question

Quizplus · Accepted Answer

AASB 117 deals with accounting for leases, including both finance leases and operating leases. The lease agreement for an oil refinery would fall within the scope of this standard. Lease agreements for biological assets and lease agreements to explore for minerals may be subject to other accounting standards, such as AASB 141 Agriculture or AASB 6 Exploration for and Evaluation of Mineral Resources. Licensing agreements for motion picture films are not leases and would not be covered by AASB 117.

Which of the Following Is Included Within the Scope of AASB