Question 13 1 Point Which regulatory body has the responsibility for overseeing the standard-setting process in Australia? A AASB FRC APRA ASIC Question 14 1 Point 1 Point Which of the following is included within the scope of AASB 16? A lease agreements for buildings and machinery B lease agreements to explore for minerals @ OO Clease agreements for motion picture films D lease agreements for biological assets held by lessees under finance leases, including measurement of these leases Question 15 1 Point The central accounting issue associated with leases is: the timing of the recognition of the lease payments. B the method of recording any commitment to guarantee the value of the asset at the end of the lease term. C whether or not the leased assets should be treated as assets of the lessee. D the treatment of provisions for the repairs and maintenance on leased assets. Question 16 2 Points Kensington Ltd decides to lease some equipment from Piccadilly Ltd on the following terms: Duration of lease 15 years Life of leased asset 17 years Bargain Purchase Option $5,000 Lease payment $6,000 at least inception Annual lease payments (in arrears) $4,500 per year (15 payments) If the interest rate implicit in the lease is 8%, what is the fair value of the equipment at the inception of the lease (rounded to the nearest dollar)? A $46 094 ( $44 518 C $40 094 $48 399