Question

With respect to AS: 19 (Leases), which of the following statement is incorrect?

A This standard should be applied in accounting for all leases including lease agreements to use lands

B The objective of this standard is to prescribe, for lessees and lessors, the appropriate accounting policies and disclosures in relation to finance leases and operating leases

C This standard should be applied in accounting for all leases including lease agreements other than lease agreements to explore for or use natural resources, such as oil gas, timber, metals and other mineral rights

D This standard should be applied in accounting for all leases including lease agreements other than licensing agreements for items such as motion picture films, video recordings, plays, manuscripts, patents and copyrights

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