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This document discusses accounting for leases. It provides guidance on: 1) Identifying a lease by determining if a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 2) Exceptions for short-term leases of 12 months or less and leases of low-value assets, where the lessee recognizes lease payments as an expense over the lease term. 3) Criteria for qualifying as a low-value asset lease, including an asset value threshold of approximate

Author

Putri Nurin Hasnida Hassan

Language

EN