Reguirements (i) Explain why the chairperson of the IASB believes that the former accounting standard for leases did 'not reect economic reality"? (ii)Explain the reason why, under the former accounting standard, reporting entities' 'o' balance sheet lease liabilities were up to 66 times greater than the debt reported on their balance sheet'. (iii) Why does the Chairperson of the IASB argue that under the former accounting standard for leases there was 'no level playing eld' between some airlines companies? (iv) Why do you think the Chairperson of the IASB said that the new accounting standard for leases 'will not be popular with everyone"? What would cause this unpopularity? (v) What are some of the possible reasons why the chairperson of the IASB would say \"the new visibility of all leases will lead to better informed investment decisions by investors, and to more balanced lease versus buy decisions by management