Please answer question number 4 onlyCase Study You are an assistant to the CFO of Organic Markets. Organic Markets is a fast growing national supermarket chain, and is evaluating growth opportunities overseas. The CFO is looking at a natural food grocery chain in France as a potential acquisition target. Both Organic Markets and the French grocery chain lease most of their store space under operating leases. A major shareholder of your company asked your boss whether accounting for operating leases under IFRS is similar to U.S. GAAP. Furthermore, the shareholder asked whether the recently issued new lease accounting standards will have a significant impact on the financial statements of the French company and Organic Markets. Your boss told the major shareholder that he would get back to him in a day or two, as he has not paid much attention to the lease accounting development. Your boss asked you to do some research and prepare a memo for him. The memo should discuss briefly 1) why the FASB/IASB decided to change the lease accounting rules, 2) the key differences (if any) between the FASB?s new standard and the IASB?s, 3) how the FASB?s new standard will impact Organic Markets? balance sheet, income statement and cash flow statement, and The Organic Markets (lessee) is a national supermarket chain that lease most of their store space under the operating leases. According to new standards (Accounting Standards Update No. 2016-02, Leases (Topic 842) Organic Markets will transfer all financial disclosures that convey company?s operational leases to liability?s section within a Balance Sheet. Following new standards Organic Market would at each reporting date based on the present value of the remaining minimum rental payments that were tracked and disclosed under current GAAP. Organic Markets balance sheet will include initial Right-of-use asset and Lease liability that will be and in that will consist of Lease liability and Adjusted prepaid/(accrued) rent (cumulative). Company?s Income Statement will have a periodic lease expense (straight-line) and prepaid (accrued) rent for period. Please answer this question only #4 4) how the IASB?s new standard will impact the French grocery chain?s financial statements.