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Identify the contract is a lease

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Reference no: EM132624284

Question - 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 of the same type. Supplier cannot retrieve the car during the duration of the contract for reasons other than the default of Customer X. at the time of signing of contract, Supplier Y does not yet have the car describe in the contract.

Requirement - Identify the contract is (or contains) a lease using the guidance in PFRS 16. Provide brief explanations.

Reference no: EM132624284

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