Accountant's Diary - Episode 04 - Lease Accounting

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Yes, as per the new US GAAP & IFRS standards, leasing arrangements from Off-balance financing is now a penalty, beware accountants!

To be more precise, having assets is great, but there comes along a 'lease liability' that needs to be amortized over the 'leased period'. Be it a jet leased by an airplane company, or a leased store for retail business, it needs to be mentioned as 'Lease right-of-use assets' in the balance sheet. This regulation is actively imposed on all industries across as per the update received.

When you are preparing for your CPA exam you get to learn both US GAAP & IFRS standards which include all such norms that you need to know in becoming a reliable global accountant. So be prepared to uncover more interesting facts on your journey to become a CPA.