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Visit IFRS website and also websites of Big Four accounting firms and answer the following questions related to the new IFRS Standard 16 implemented in

Visit IFRS website and also websites of Big Four accounting firms and answer the following questions related to the new IFRS Standard 16 implemented in 2019 on accounting for leases. 1.Explain the impact pf new leases standard. 2. Describe what is the scope of the standard 3.How to separate lease and non- lease components? Explain 4. Write Short notes on the following. (a) Determining the lease term (b) Short term leases (c) Lease of low value assets

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