Lease Accounting Firm In Florida | Lease Accounting Expert in Miami | South Florida
7 days ago, Tue, Jul 10, 2018, 10:26:11
Due to the new lease accounting standards which were announced by FASB and IFRS by IASB, all industries are facing major changes in lease accounting. Before beginning let us understand what is lease accounting? Well lessor is someone who rents something he owns and the lessee is someone who pays for that assets periodically and lease is agreement between both of them. Now lessee will pay the lessor periodically and lessee will invest on the asset in order to earn more than the cost of lease thus meeting there respective needs. Accounting by lessee begins with lease aggression and further decision to decide if it is capital lease or operating lease. In case of operating lease no asset and liability is recorded on balance sheet.