CURRENT ISSUES: LEASES

In August 2010, an exposure draft on leases was published proposing some significant changes to the current accounting treatment of leased assets. The proposed changes include the following:

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UNDERSTANDING ASSETS AND LIABILITIES

The IASB’s Framework for the Preparation and Presentation of Financial Statements (The Framework) defines an asset as ‘a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity’.

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