LEASE ESSAYPlease follow the instructions carefully. This assignment is to be completed in one Word document and uploaded in Canvas before December 1, 11:59 pm. You are to use “Word,” 12-point font and 1-inch margins.Question 1Define which leases are to be capitalized on the lessee’s balance sheet under IFRS 16. Explain how this is different from the criteria that was previously used in U.S. GAAP (see Wiley 2ed Chapter 21 and ASC 840). Also, explain which industries are most likely affected by this change and why.Question 2In one paragraph, explain why you think that the FASB voted to defer the effective date of the proposed ASC 842.Question 3In lease accounting, the FASB and IASB define a lease relative to a contractual “right of use” (ROU) of an asset. Define ROU. Is this ROU model consistent with the IASB and/or FASB Conceptual frameworks? Explain your answers in one or two paragraph(s).