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1.The objective of IAS 17 Leases is to prescribe the appropriate accounting treatment and required disclosures in relation to leases.

Which TWO of the following situations would normally lead to a lease being classified as a finance lease?

(i) The lease transfers ownership of the asset to the lessee by the end of the lease term

(ii) The lease term is for approximately half of the economic life of the asset

(iii) The lease assets are of a specialised nature such that only the lessee can use them without major modifications being made

(iv) At the inception of the lease, the present value of the minimum lease payments is 60% of what the leased asset would cost to purchase

A (i) and (ii)

B (i) and (iii)

C (ii) and (iii)

D (iii) and (iv)

2. Which of the following is NOT a purpose of the IASB’s Conceptual Framework?

A To assist the IASB in the preparation and review of IFRS

B To assist auditors in forming an opinion on whether financial statements comply with IFRS

C To assist in determining the treatment of items not covered by an existing IFRS

D To be authoritative where a specific IFRS conflicts with the Conceptual Framework