AASB 117 Defines a Non-Cancellable Lease to Mean a Lease

Multiple Choice

AASB 117 defines a non-cancellable lease to mean a lease that is cancellable in limited circumstances only if:

A) the lessor cancels with the permission of the lessee.
B) some remote contingency occurs.
C) the lessor incurs a penalty large enough to discourage cancellation.
D) the lessee can cancel the lease at any time without any significant impediment or economic disincentive.