QUESTION $8$:

The Conceptual Framework for Financial Reporting defines an asset as a present economic resource, a right that has the potential to producing economic benefits, that is controlled by the entity as a result of past events.

In the context of IFRS $16-$ Leases, with regards to the definition of a lease as an asset, under the components of the right to control the use of an identified asset.

REQUIRED:

A contract conveys the right to control the use of an identified asset when the customer $($lessee$)$ has?

$1.$

The right to obtain some economic benefits from the identified asset and the right to direct the use of the identified asset;

$2.$

The right to obtain substantially all economic benefits from the identified asset or the right to direct the use of the identified asset;

$3.$

The right to obtain substantially all economic benefits from the identified asset and the right to direct the use of the identified asset;

$4.$

The right to obtain some economic benefits from the identified asset or the right to direct the use of the identified asset.