A Note on Leases

This technical note explains how leases are accounted for in accordance with Accounting Standards Codification 842. This new addition to generally accepted accounting principles in the United States is effective for fiscal years beginning after December 15, 2019. The note contains a comprehensive treatment of a lessee’s accounting for short-term, operating and finance leases and how a lessor accounts for short-term and similar leases to sales with and without profit from production. The objective is to provide a brief overview of the accounting for leases. Therefore, it is best for an MBA or finance student who needs to understand the broad impact of leases on the balance sheet, income statement, and cash flow statement.

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