Problem
1. What is the argument for finite uniformity in accounting for leases? Why is finite uniformity difficult to achieve? Explain what the relevant circumstances are in accounting for different types of leases.
2. Why is the conveyancing aspect of leases emphasized in capital leases and the contractual element emphasized in operating leases?
3. What are the similarities and differences between leases and other means of property acquisition? How can these similarities and differences be reported in the financial statements?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.