Question 11 (1 point) For entities that report using IFRS, there is a recognition exemption for low-value or short-term leases for which the lessee can choose to expense lease payments. Which of the following correctly describes the recognition exemption? a) Leases with terms of less than two years are considered short term. b) Low-value leases must be grouped together by type when considering whether they meet the recognition exemption. OC) IFRS defines low value as less than $1,000. d) The leased asset must have a low value when it is new