[PDF] Fact sheet Business Easy Leasing (PDF 219 Ko)

Impetus For The New Standard

In the introduction to the new standard, the FASB reports that most companies don’t report their lease obligations on their balance sheets. Moreover, transactions often are structured to achieve off-balance-sheet treatment. In 2005, the US Securities and Exchange Commission (SEC) estimated that SEC registrant companies held approximately $1.25 tril...

Changes For Lessees

Under present GAAP, companies that lease assets (lessees) report a lease based on whether the lease is classified as a capital lease or an operating lease. Capital leases (for example, a lease of equipment for nearly all of its useful life) are recognized as assets and liabilities on a lessee’s balance sheet, but operating leases (for example, a le...

Changes For Lessors

ASU 2016-02 will have a much less dramatic effect for companies that own leased assets (lessors). Lessors’ lease accounting will remain largely unchanged from current GAAP. For example, most operating leases will still be classified as such, and lessors should continue to recognize income for those leases on a generally straight-line basis over the...

Treatment of Hybrid Contracts

Businesses may enter contracts that come with both lease and service contract components (for example, maintenance services or other activities that transfer a good or service to the customer). The new standard retains the requirement that companies separate the lease components from the non-lease components, but provides additional guidance on how...

Differences from The International Standard

The FASB and the IASB reached the same conclusions in many areas, including requiring leases to be reported on the balance sheet, but significant differences remain. For example, the lessee accounting model in IFRS 16 requires leases to be accounted for under the approach the ASU requires for finance leases. Consequently, leases classified as opera...

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What are the new lease accounting standards?

The new FASB and IFRS lease accounting standards (ASC 842 and IFRS 16) took effect in 2019 for public companies and will be effective in 2022 for private companies. The standards bring many leases onto the balance sheet and could significantly impact a business’ financial statements.

What are the new lease reporting requirements?

Effective January 1, 2022, the new standard requires companies to track and categorize all leases, collect quantitative and qualitative data, and report that information on the balance sheet, income statement, and disclosures to the financial statements.

How does the classification of a lease affect accounting?

The classification of a lease for accounting purposes can have a significant impact on the financial position and earnings reported by either party to a lease transaction.

Are all leases recorded on the balance sheet?

As discussed previously, the major issue with the “old” lease standard was that it did not require all leases to be recorded on the balance sheet, hence creating an opportunity for off-balance sheet financing. With the new lease standard, almost all leases are recorded on the balance sheet. The questions now are:

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Lic No. DBA Indicator Business Name Business Address License

EASY RENTAL LLC. 348 W MAIN ST. BRANFORD. CT. 06405-3414. 3/31/2023. LEASING LICENSE. O6144. SMEDLEY SERVICES INC. 20-2 THOMPSON RD. BRANFORD.



Dealer Number Name Exp Date Status Code Address City Zip Add

211 GLEN ST BOX 219. FOLEY. 56329. DLR10155 PARK MOTOR CO DLR14536 INTERSTATE TRUCK LEASING INC ... DLR25174 E Z AUTO SALES INC.





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