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How the seller-lessee should account for an asset

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Reference no: EM132968664

Sale and leaseback transaction arises where an entity (the seller-lessee) transfers/sells an asset to another entity (the buyer-lessor) and then leases it back. In determining as to whether a sale has occurred in substance, the requirements of IFRS 15/MFRS 15 Revenue from Contracts with Customers are to be followed.

Problem 1: Discuss how the seller-lessee should account for an asset under a sale and leaseback transaction where the transfer is in substance a sale according to IFRS 15.

Reference no: EM132968664

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