a) Explain the key features of IAS 17 Leases. You should use at least one
illustrative example for lessee accounting from a published set of financial
statements to illustrate the effect of the standard.
b) Discuss why there is a need to change the accounting for leases.
c) Discuss the changes in lessee accounting as manifested in IFRS 16
Leases, which replaces IAS 17 Leases with an effective date of 1 January
d) Stating the definition of a lease in both IAS 17 and IFRS 16, discuss how
the updated definition of a lease in IFRS 16 helps to eliminate the
problems associated with IAS 17.