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What GAAP, FASB or other accounting rules apply

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Question - If a company has a 5yr operating lease and vacates the property due to no longer needing it. Must they recognize future lease commitments as losses in the current period or can they consider them period costs and recognize them as an expense in the year paid? The company ultimately plans to sublease, but this has not happened yet. What GAAP, FASB or other accounting rules apply and provide guidance to this situation?

Reference no: EM132890395

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