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问题如下：

Question For leases with a term of twelve months or less, the lessee:

选项：

A.may recognize lease payments on a straight-line basis.

B.must report at lease inception a “right-of-use” asset and a lease liability, which are both equal to the present value of future lease payments.

C.must report at lease inception a “right-of-use” asset and a lease liability, which are both equal to the undiscounted value of future lease payments.

解释：

1. Correct because for lessees, there are lease accounting exemptions for certain lease contracts: If its term is 12 months or less (IFRS and US GAAP) or it is for a “low-value asset,” up to $5,000 in sales price (IFRS only), then the lessee can elect to simply expense the lease payments on a straight-line basis. These exemptions are not available to lessors.

2. Incorrect because under IFRS, there is a single accounting model for both finance and operating leases for lessees. At lease inception, the lessee records a lease payable liability and a “right-of-use” (ROU) asset on its balance sheet, both equal to the present value of future lease payments.

3. Incorrect because under IFRS, there is a single accounting model for both finance and operating leases for lessees. At lease inception, the lessee records a lease payable liability and a “right-of-use” (ROU) asset on its balance sheet, both equal to the present value of future lease payments.

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