IFRS (a) What is included in the measurement of (1) the lease liability and (2) the right-ofuse asset? (b) Besides the non-cancelable term of the lease, what are other considerations in determining the “lease term”? (c) When should a lessee account for a lease modification? What procedures are followed?

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.