Financial Statement Standards assignment




The IASB and FASB have been working on a joint leasing standard. However, the standard release by

the IASB, IFRS 16 Leases, differs substantially from the standard issued by the FASB, Topic 842.


Using the AREA framework, address the following question:

“Which standard is in your view more useful to readers of financial statements?”

In your answer, consider the requirements of the Topic 842 and IFRS 16, the reasons for the

differences, and the qualitative characteristics of the conceptual framework.

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