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Question :
You have graduated with your business degree and currently commenced work with a leading firm of public accountants. A number of very important clients rely on extensive leasing arrangements and have expressed concern regarding proposed changes in accounting for leases. The IASB and AASB are presently working together to prepare a new standard for the recognition, measurement and presentation of leases.
Requirements
While the partners of the firm have been able to communicate with clients about this issue, they have asked you to prepare a background report for presentation to other staff members to outline:
The report is to have a maximum word length of 1,000 words
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