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Summarize the new lease accounting rules

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Reference no: EM132789052

Many companies use leases to acquire higher priced assets. Leasing is an important activity for many entities. Presently some leases are capitalized, and some are treated as operating leases. Opponents of this method criticize the accounting treatment because the present models do not meet the needs of users of financial statements; they do not always provide a faithful representation of leasing transactions. One reason is that operating leases are not capitalized. The International Accounting Board has issued a Proposed Accounting Standards Update

Question 1: Identify the present rules for evaluating a lease and whether it is capitalized or not.

Question 2: Summarize the new lease accounting rules.

Question 3: Distinguish the effect these new rules have on the balance sheet, income statement, and cash flow statement.

Question 4: Differentiate what industries would be affected more than others.

Question 5: Compare the proposed new Type A and B leases.

Reference no: EM132789052

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