Analyze the treatment of lease accounting under IFRS $16$ or ASC $842.$ Discuss how leases are classified, measured, and reported in the financial statements, and compare the accounting treatment for lessees and lessors.

Lease accounting under IFRS $16$ or ASC $842$ involves recognizing lease assets and liabilities on the balance sheet. Describe the classification of leases as finance or operating leases and the subsequent measurement and reporting requirements for lessees and lessors. Discuss how lessees recognize right$-$of$-$use assets and lease liabilities, and how lessors classify leases and report lease income. Compare the impact of lease accounting on financial statements for both lessees and lessors, including effects on financial ratios and performance metrics.