GASB Statement No 87 requires specifies which of the following
A) Leases one year or more in length must be accounted for as a financing lease
B) The lessee account for the lease as if it had purchased the rights to the asset and borrowed the purchase price.
C) The treatment of leases of buildings, land and equipment, but excludes the treatment of intangible assets
D) All of the above.

Question

Quizplus · Accepted Answer

GASB Statement No. 87 requires that leases with a term of more than one year be recognized in the financial statements, treating the lessee as if they had acquired the asset and financed this acquisition, and it applies to leases of assets including buildings, land, and equipment, but does not exclude intangible assets from its scope.

GASB Statement No 87 Requires Specifies Which of the Following