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When accounting for leases, standard setters prefer to overlook legal form in favour of economic substance. Critically discuss this statement in light of the requirements

When accounting for leases, standard setters prefer to overlook legal form in favour of economic substance. Critically discuss this statement in light of the requirements of IFRS 16 Leases, and explain why the standard setters considered accounting for leases to be an area in need of standardization and discuss the rationale behind the approach adopted in IFRS 16.

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