Abstract
A lease is a contract, or part of a contract, that conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time in exchange for consideration. Control over the use of the identified asset means that the customer has both (1) the right to obtain substantially all of the economic benefits from the use of the asset and (2) the right to direct the use of the asset.
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Notes
- 1.
FASB- Accounting Standards Update- N0. 2016-02.
- 2.
Thomas W Merrill (2020): The Economics of Leasing, Journal of Legal Analysis, Volume 12, 2020, Pages 221–272, https://doi.org/10.1093/jla/laaa003.
References
FASB- Accounting Standards Update- N0. 2016-02.
Thomas W Merrill (2020): The Economics of Leasing, Journal of Legal Analysis, Volume 12, 2020, Pages 221–272,https://doi.org/10.1093/jla/laaa003.
Topic 842-40-55-22.
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Lessambo, F.I. (2022). Long-Term Liabilities: Leases. In: Financial Statements. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-15663-2_9
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DOI: https://doi.org/10.1007/978-3-031-15663-2_9
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