You are an accountant having long professional experience in dealing with lease arrangements. The company board has requested that you explain the following two questions for them so that they can have a clear understanding about the impact of lease on the financial position of the business:

1. How does the accounting treatment will change if Finance Lease involving a Financier Lessor change to Finance Lease involving Manufacturer/Dealer Lessor? (5 Marks)

2. Identify three possible adverse effects on an entitys financial statements arising from recognition of a lease arrangement on the statement of financial position. (5 Marks)

Need this ASAP!!

Will give a thumbs up! thanks