In relation to accounting for, and reporting on, lease transactions by lessees, you are required to:
a. Describe, and illustrate with an example of your own devising, three alternative accounting treatments which might be adopted when lessees account for lease transactions.
b. Explain in your own words the key features of the current international accounting standard. You should use at least one example from a recently published set of financial statements to illustrate the reporting effects of the standard.
c. Discuss whether current proposals to replace the existing standard will result in more relevant information for users of financial statements.