U.S. GAAP and IFRS provide criteria for distinguishing operating leases from capital leases. Which of the following is/are not true?
a. U.S. GAAP provides four criteria, any one of which qualifies a lease as a capital lease.
b. IFRS provides general criteria for identifying the entity enjoying the rewards and incurring the risk.
c. Firms can currently apply the fair value option to capital leases.
d. The FASB and the IASB have undertaken a joint project involving the lessee's accounting for leases which may result in treating all leases as capital leases.
e. all of the above
C
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