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January 2016 » A Refresher on Accounting for Leases
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Jason C. Porter, PhD
In BriefFASB’s long-debated exposure draft of a new standard on accounting for leases has raised the possibility that almost all leases will need to be capitalized in the near future. Although some of the methods in the proposed standard are similar to those used under current GAAP, there are several significant differences that will affect the classification of leases, the calculation of lease values, and the presentation of leases in the financial statements. This article introduces an example that compares the current GAAP treatment with the proposed treatments, highlighting the differences between current GAAP and the exposure draft.
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