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Hello Sir,
I am sitting for P7 exam on this coming September 2017 session.
If a question features anything related to leases, which accounting standard should we use- IAS 17 or IFRS 16?
Thank you.
IAS 17 no longer exists so any question concerning leases will be based on IFRS 16
OK?
Hi Sir,
I know that IAS 17 no longer exists but IFRS 16 is only effective from 2019 on wards, so if the question notes that we’re auditing the FSs for the year ended 30-Sep-17 then i don’t think the reference to IFRS 16 is appropirate.
Please help me to clarify this point.
Regards with thanks,
Hung VuIf IAS 17 no longer exists, why do you think that examiner could possibly ask a question on it?
It would be like the F4 examiner asking a question about the Joint Stock Companies Act of 1876!
IFRS 16 IS IN YOUR SYLLABUS AND IS LISTED UNDER EXAMINABLE DOCUMENTS
You need no further clarification on this. 🙂
OK?
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