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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP Codification | Accounting Standards, ASC |
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U.S. GAAP
Codification of Accounting Standards |
| U.S. GAAP Codification Updates |
| Principles of Accounting, Intermediate Accounting, Advanced Accounting |
| Accounting Terms |
| Codification Topic 840-20 Operating Leases Leases SFAS 13, November 1976 "Accounting for Leases" Lease classification criteria (A) Ownership transfer --> Ownership is transferred by the end of the lease term (B) Bargain purchase option -> Lessee has an option purchase at the price lower than the fair value (C) Lease term: 75% rule --> Lease term ≥ 75% of economic life of the leased property (D) Minimum lease payment: 90% rule --> Present value of minimum lease payments > 90% of fair value of the leased property Operating lease by lessee A lease satisfies none of (A), (B), (C), (D) Operating lease by lessor 1. A lease is classified as an operating lease by lessor --> if it is not classified as one of the following: (1) sales-type lease (2) direct financing lease (3) leveraged lease 2. Sales-type, direct financing, leveraged leases are explained in 840-30 Operating lease accounting by lessee --> Rent is charged to expense by the lessee Operating lease accounting by lessor 1. The leased property continues to be reported as an asset by the lessor 2. The leased property is depreciated by the lessor 3. Rent income is recognized by the lessor |
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Codification Topic 840 Leases |
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Subtopics of Codification Topic 840 840-10 Overall 840-20 Operating leases 840-30 Capital leases 840-40 Sale-leaseback transactions |
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Accounting Terms of Codification Topic 840-10 Bargain purchase option Bargain renewal option Capital lease Contingent rentals Direct financing lease Estimated economic life Estimated residual value Fair value of leased property Fiscal funding clause Heat supply (or burn-up) contracts Incremental borrowing rate Indirectly related to the leased property Interest rate implicit in the lease Lease Lease inception Lease term Leveraged lease Minimum lease payments Noncancelable lease term Operating lease Penalty Probable Reasonably possible Remote Sales-type lease Significant influence Sublease Substantially all |
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Accounting Terms of Codification Topic 840-20 Construction period lease payments Original lessee |
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Accounting Terms of Codification Topic 840-30 Advance refunding Delayed equity investment Interest method Nonrecourse financing |
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Accounting Terms of Codification Topic 840-40 Active use of the property Minor Normal leaseback Profit or loss on sale Property improvements or integral equipment Sale-leaseback accounting Sale recognition Wrap lease transaction |
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