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Identify if the contract is a lease using guidance in pfrs

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Reference no: EM132828304

Customer X enters into a contract with supplier Y for the use of a specific car for one year. The car shall be modified according to the specifications of Customer X. Customer X shall have exclusive use of the car during the duration of the contract. If at any time the car is not working properly, Supplier Y shall provide a replacement car at the same type. Supplier Y cannot retrieve the car during the duration of the contract for reasons other than the default of customer X. At the time of signing contract, Supplier Y does not yet have the car described in the contract.

Requirement:

Problem 1: Identify if the contract is (or contains) a lease using the guidance in PFRS16 and Explain.

Reference no: EM132828304

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