Q&A. 1: Is a perpetual period a ‘period of time’? In order to qualify as a lease, an arrangement must convey a right to use an identified asset for a ‘period of time’. However, some contracts such as certain land …
Objective This prescribes the basis for the presentation of general purpose financial statements to ensure comparability both with the entity’s financial statements of previous periods and with the financial statements of other entities. It sets out overall requirements for the …
