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I have come across a question in the BPP textbook about IFRS 15. The question asked what the new standard is about and why the old standard was lacking.
This was asked obviously when IFRS 15 was new, but im wondering if such a question could come up about the new standard on leases.
If so, what would be the answer as to why it was changed? what was lacking in the old standard?
Many thanks in advance
Hi,
I doubt that this will appear for leases as it has already been examined in the past.
The new leases standard is now examinable and will be seen in any of the first three questions.
Thanks
In the BPP study text see chapter 8, section 5 p.255 which explains why a new standard was needed and its impact
Basically it is to prevent off-balance sheet financing and improve transparency and comparability
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