13. A first-time adopter may apply the transitional provisions in IFRIC 4 Determining whether an Arrangement contains a Lease. Therefore, a first-time adopter may determine whether an arrangement existing at the date of transition to IFRSs contains a lease on the basis of facts and circumstances existing at that date.
[IFRS – Exceptions] – Leases
![[IFRS – Exceptions] – Leases](https://faoblog.com/wp-content/uploads/2016/08/FAO-cloud.jpg)
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