Which of the following is a required disclosure by a lessor of an operating lease?
A)the cost and carrying amount, if different, of property on lease by major category
B)minimum future rentals on non-cancellable leases in total as of the balance sheet date and for the five succeeding fiscal years
C)total contingent rentals included in income
D)all of these

Question

Quizplus · Accepted Answer

All of these disclosures are required by a lessor of an operating lease according to accounting standards. A) provides information on the cost and carrying amount of the leased property, B) discloses the minimum future rentals for the next five years, and C) includes information on contingent rentals that may be received by the lessor.

Which of the Following Is a Required Disclosure by a Lessor