FAR M11考点归纳.docVIP

Study Notes- FAR M11 (Lease) A lease is a contract between a lessor (the owner of an asset) and a lessee (the person who is going to use the asset) that conveys the right to use specific property for a stated period of time in exchange for a stated payment. Accounting for the lease transaction is based on “substance over form”. The following are the types of the leases from accounting perspective Lessor Lessee Operating lease Non-operating lease -Sales type lease - Direct financing lease Operating lease Capital lease Operating lease If the lease is classified as an operating lease, the