Which of the following does not describe a difference between ASC 842 and IFRS16?

Multiple Choice

• IFRS does not provide for operating leases.

• IFRS permits early adoption only if firms have adopted IFRS 15, the new revenue recognition standard.

• IFRS allows some right-of-use assets to be carried at fair value.

• ASC 842 limits the recognized gain to that of the residual interest retained by the buyer-lessor.