The lessee's footnote disclosures should include the future minimum rental payments as of the date of the latest balance sheet presented, in the aggregate and for a certain number of succeeding fiscal years.This number of years is
A)5
B)10
C)15
D)20

Question

Quizplus · Accepted Answer

According to ASC 840-20-50-2, the lessee's footnote disclosures should include the future minimum rental payments as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years. Therefore, the correct number of years to disclose is 5.

The Lessee's Footnote Disclosures Should Include the Future Minimum Rental