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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What disclosures are lessors required to make for various types of leases?

To determine

State the disclosures that lessor required to make for various types of leases.

Explanation

Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of time is provided by the owner of the asset to the user of the asset. The owner, who possesses the asset, is termed as ‘Lessor’ and user, to whom the right is transferred to, is termed as ‘Lessee’.

Finance leases: In finance lease all the ownership risks and responsibilities are transferred from the lessor to the lessee.

Operating leases: In an operating lease lessor retains all ownership risks and responsibilities.

Disclosures that lessor required to make for various types of leases:

  • General information and description of lease.
  • In case the lease contains variable lease payments, lessor must disclose terms and conditions of such lease payments.
  • In case the lease contains extend or terminate option, lessor must disclose terms and conditions of such option...

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