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Describe the accounting rules on lease

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Reference no: EM132292110

Question: Historical background of the accounting rules on Lease: U.S. and International

1. Leases are classified as capital leases or operating leases. Capital leases are reported on the balance sheet.

2. Operating leases are disclosed in the footnotes of your financial statements as "off-balance sheet" operating expenses and excluded from important financial ratios.

3. In February 2016, they finalized ASC 842 and IFRS 16.

Reference no: EM132292110

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