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What is the contract-based approach is accounting for lease

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Questions -

Q1. What is the contract-based approach is accounting for a lease?

Q2. Explain how leases are classified into capital lease or operating lease under ASPE.

Q3. What are 3 types of accounting changes?

Q4. What accounting method should be used for correction of an error?

Q5. What is the measurement basis for a related party transaction under ASPE?

Q6. What are the objectives of income tax accounting?

Q7. Explain how start-up companies or not-for-profit organizations can benefit from leasing assets.

Q8. Explain the classification approach in accounting for leases.

Q9. Explain the economic life test in determining the types of lease under ASPE

Q10. A company begins to capitalize interest during the construction of its own long-lived assets. The company was not involved in any self-construction activities previously. Is this a change in accounting policy? Why or why not?

Q11. Explain the management approach in segment reporting

Q12. What are the quantitative thresholds in determining reportable segments?

Q13. Why are the independent auditors reluctant to express an opinion on interim financial information? And what is a usual way used as comprise for this issue in Canada?

Q14. What kind of audit opinion would be expressed if the effects of the scope limitation could be material but are not pervasive?

Reference no: EM132669358

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