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Not a Short-Cut! Short-Term Lease Exception: Complexities & Peer Review Findings

Feb 19, 2025 · 1 min read

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An entity may establish an accounting policy to not apply the balance sheet recognition requirements of FASB Accounting Standards Codification (FASB ASC) 842, Leases, for short-term leases. As provided for in FASB ASC 842-20-25-2, instead the lessee recognizes the lease payments in profit or loss on a straight-line basis over the lease term (short-term lease exception). In essence, this accounting is equivalent to operating lease accounting under legacy lease guidance in FASB ASC 840, with the same title. This accounting

Download the CPEA Report - February 2025 - Not A Short Cut - Short-Term Lease Exceptions

File name: CPEA Report - February 2025 - Not A Short Cut - Short-Term Lease Exceptions - Complexities and Peer Review Findings.pdf

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