Understanding the Lease Accounting Rules
Background
During the early years of the equipment leasing business, the accounting profession devoted considerable time and effort discussing how leases should be accounted for, both from the standpoint of the lessor and the lessee. There were many inconsistencies and substantive disagreements. Today, the subject of accounting for leases has been addressed by the accounting profession’s standard-setting body, the Financial Accounting Standards Board (FASB), as set forth the Statement of Financial Accounting Standards No. 13-Accounting for Leases, in effect since 1977. Commonly referred to as FAS No. 13, the rules promulgated established the standards to be followed by lessors and lessees in ...
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