I want it with simple and easy words, and well paraphrased.
The first two questions of the case will be answered in general ways and in paragraphs (NO BULLETS POINTS).
The thirds question well be answered depending on the case of 2015.
The last question should be specific, (If they have the choice to choose on of the GAAP or IFRS, which standard is more benefit for each company), (How choosing standard will affect the leasing situation depending on the case).
You can refer to the below files and links to gain information about the global perspective in accounting
Worldwide Accounting Diversity
What are US GAAP and IFRS
International Accounting Overview
السعودية تتحول إلى المعايير الدولية في المحاسبة والمراجعة
معايير المحاسبة الدولية – لقاء مع طلال أبو غزالة
https://www.youtube.com/watch?v=aD6wZrPaN0U
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