Topic: Accounting for Leases - Criticisms of current lease accounting models. "The existing lease accounting model does not promote transparency & comparability of the financial position of companies that buy assets with those that lease similar assets. This has led critics to assert that the financial statements do not always provide a faithful representation of leasing transactions. FASB / IASB have deliberated on the main issues of recognition and measurement but with differing views." The new lease accounting standards has been issued in March 2018 by FASB. In Malaysia, effective from 1 January 2019, MFRS 16 on leases supersedes MFRS 117 and its related interpretations. The new standard marks a new era for lease accounting. The impact is significant for the airline, retailing, transportation and energy industries. Required: Discuss the new lease accounting standards impact on Financial Statements and determine the right to control under MFRS 16