Accounting Standards Codification Topic 8 4 2 ( ASC 8 4 2 ) classifies leases as either

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Accounting Standards Codification Topic

842 (

ASC

842)

classifies leases as either finance or operating leases. A lease is a finance lease if it meets any of five criteria listed in ASC

842 .

If the lease does not meet any of the five criteria, then the lease is classified as an operating lease. One of the five criteria is that the lease transfers ownership of the asset to the lessee by the end of the lease term.

.

True

.

False

Posted Date: May 18, 2024 07:09 AM

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Accounting Standards Codification Topic 8 4 2 ( ASC 8 4 2 ) classifies leases as either

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