Lease transactions have grown in popularity over the years as many organizations look for new ways to finance their fixed asset additions. Leases that are sales‐type and direct financing leases are less common transactions for not‐for‐profit organizations. Financial Accounting Standards Board (FASB) ASC 840 is the primary repository for promulgated generally accepted accounting principles (GAAP) for lease accounting. For accounting and reporting purposes the lessee has two alternatives in classifying a lease: operating and capital. The four options a lessor has in classifying a lease are as follows: operating; sales‐type; direct financing; and leveraged. Leases involving real estate can be divided into the following four categories: leases involving land only; leases involving land and building(s); leases involving real estate and equipment; and leases involving only part of a building. Not‐for‐profit organizations that are lessees are required to follow the disclosure requirements of SFAS 13 (FASB ASC 840), as amended and interpreted.
Accounting for Leases
Wiley Not‐for‐Profit <fc>GAAP</fc> 2018 ; 447-481
2018-06-27
35 pages
Aufsatz/Kapitel (Buch)
Elektronische Ressource
Englisch
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