Question:

A firm that reports its lease of a conveyer system as an operating lease must disclose:

A minimum lease payments for each of the next five years and the sum of lease payments more than five years in the future.

Explaination

Whether a lease is an operating or a finance (capital) lease, both U.S. GAAP and IFRS require disclosure of the minimum lease payments for each of the next five years and the sum of minimum lease payments more than five years in the future.