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Statement No. 13
Accounting for Leases
STATUS
Issue Date: November 1976
Effective Date: For leasing transactions and revisions entered into on or after January 1, 1977
Affects: Supersedes APB 5
Supersedes APB 7
Supersedes APB 18, paragraph 15 and footnote 5
Supersedes APB 27
Supersedes APB 31
Affected by: Paragraph 3 superseded by FAS 71
Paragraph 5 amended by FAS 29 and FAS 98
Paragraph 5(b) superseded by FAS 23
Paragraphs 5(f), 6(b)(iv), 8(a), 26(a)(ii), and 26(b)(i)(b) superseded by FAS 98
Paragraphs 5(j)(i), 16(a)(iv), and 17(b) amended by FAS 29
Paragraph 5(m) superseded by FAS 17 and FAS 91
Paragraph 6(b)(i) amended by FAS 27 and FAS 98
Paragraphs 6(b)(ii) and 17(f)(ii) amended by FAS 27
Paragraphs 7(a), 19, 25, 26(a), and 26(b)(ii)(b) amended by FAS 98
Paragraph 8 amended by FAS 26 and FAS 98
Paragraphs 8(b), 10, 26(a)(i), and 43(c) amended by FAS 23
Paragraph 12 amended by FAS 29 and FAS 34
Paragraphs 14 and 17(f) amended by FAS 22
Paragraph 17(a) amended by FAS 23 and FAS 98
Paragraph 18(a) amended by FAS 23 and FAS 91
Paragraph 18(a) superseded by FAS 98
Paragraph 18(b) amended by FAS 29 and FAS 91
Paragraph 18(b) superseded by FAS 98
Paragraph 20 amended by FAS 77 and FAS 125
Paragraphs 23(a)(i) and 23(a)(iii) superseded by FAS 91
Paragraphs 32 and 33 superseded by FAS 28
Paragraph 47 amended by FAS 96 and FAS 109
Footnote 13 superseded by FAS 29
Other Interpretive Pronouncements: FIN 19
FIN 21
FIN 23
FIN 24
FIN 26
FIN 27
FTB 79-10
FTB 79-11 (Superseded by FAS 98)
FTB 79-12
FTB 79-13
FTB 79-14
FTB 79-15
FTB 79-16 (Superseded by FTB 79-16(R))
FTB 79-16(R)
FTB 79-17
FTB 85-3
FTB 86-2
FTB 88-1
Issues Discussed by FASB Emerging Issues Task Force (EITF)
Affects: No EITF Issues
Interpreted by: Paragraphs 1 and 5(j) interpreted by EITF Issue No. 95-1
Paragraph 5 amended by FAS 29 and FAS 98
Paragraphs 5(j)(i) and 5(n) interpreted by EITF Issue No. 86-33
Paragraphs 21 and 22 interpreted by EITF Issue No. 95-4
Paragraph 26(b)(ii) interpreted by EITF Issue No. 92-1
Paragraph 34 interpreted by EITF Issue No. 88-21
Paragraph 42(c) interpreted by EITF Issue No. 85-16
Paragraph 46 interpreted by EITF Issue No. 86-43
Related Issues: EITF Issues No. 84-37, 85-27, 86-17, 86-44, 87-7, 88-10, 89-16, 89-20, 90-15,
93-8, 95-6, and 95-17 and Topics No. D-8 and D-14
Abbreviations for Accounting Pronouncements
FAS - FASB Statements
FIN - FASB Interpretations
FTB - FASB Technical Bulletins
APB - APB Opinions
AIN - AICPA Interpretations
ARB - Accounting Research Bulletins
CON - FASB Concepts
EITF - EITF Issues
Q&A - FASB Implementation Guides
SUMMARY
This Statement establishes standards of financial accounting and reporting for leases by lessees and lessors. For lessees, a lease is a financing transaction called a capital lease if it meets any one of four specified criteria; if not, it is an operating lease. Capital leases are treated as the acquisition of assets and the incurrence of obligations by the lessee. Operating leases are treated as current operating expenses. For lessors, a financing transaction lease is classified as a sales-type, direct financing, or leveraged lease. To be a sales-type, direct financing, or leveraged lease, the lease must meet one of the same criteria used for lessees to classify a lease as a capital lease, in addition to two criteria dealing with future uncertainties. Leveraged leases also have to meet further criteria. These types of leases are recorded as investments under different specifications for each type of lease. Leases not meeting the criteria are considered operating leases and are accounted for like rental property.
Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission.
©2000 New York State Society
of Certified Public Accountants. Legal Notices.
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