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Technical note
-
Reference no. UVA-C-2439
Authors:
Published by:
Darden Business Publishing (2020)
Version:
28 May 2020
Revision date:
03-Jun-2020
Length:
6 pages
Data source:
Published sources

Abstract

This technical note explains how to account for leases under Accounting Standards Codification 842. This new addition to US generally accepted accounting principles became effective for fiscal years beginning after December 15, 2019. The note provides broad treatment for how a lessee will account for a short-term, operating, and financing lease, and how a lessor will account for short-term and sales-type leases with and without manufacturing profit. The intent is to provide a brief overview of lease accounting. As such, it is most appropriate for MBA or finance students who need to understand the broad effects of leases on the balance sheet, income statement, and statement of cash flows.

Topics

Accounting; Lease; Financial statements; GAAP; Financial analysis

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