The Financial Accounting Standards Board (FASB) issued FASB Statement No. 13 Accounting for Leases (SFAS No. 13). SFAS No. 13 establishes standards for financial accounting and reporting for leases by lessees and lessors. For lessees, a lease is a financing transaction called a capital lease if it meets any one of four specified criteria; if not, it is an operating lease. Capital leases are treated as the acquisition of assets and the incurrence of obligations by the lessee. Operating leases are treated as current operating expenses.
SECTION I. FASB
Note: To comply with FASB copyright provisions, members are required to access FASB publications through www.fasb.org/st. The FASB guidance listed below is available under the "View FASB Pronouncements" section of the web page provided.
FASB Standards
FASB Interpretive Guidance
- FSP FAS 13-1, Accounting for Rental Costs Incurred during a Construction Period, October 2005
- FSP FAS 13-2, Accounting for a Change or Projected Change in the Timing of Cash Flows Relating to Income Taxes Generated by a Leveraged Lease Transaction, July 2006
SECTION II. SEC