12.A soft toy retailer (Customer) enters into a 3 year contract with a multi-level shopping centre operator (Supplier) to use a kiosk space in its shopping centre to sell its soft toys. The contract specifies the kiosk size of the space and that the space can be located at any one of the levels within the shopping centre. The Supplier has the right to change the location of the kiosk space allocated to the Customer at any time during the contract period at minimal costs. The Supplier has many available spaces of the same kiosk size which meet the criteria specified in the contract. Customer uses its own kiosk that it can move easily to sell its soft toys.

Which of the following is correct in accordance with AASB 16 Leases?

Group of answer choices

The contract is a lease as the Customer has control over the kiosk.

The contract is a lease as the size of the kiosk space is specifically stated in the contract.

The contract is a lease as the Supplier does not have substantive substitution rights over the kiosk space.

The contract does not contain a lease because there is no identified asset.