Which of the following are the required operating lease note disclosure requirements for the lessee? 1.Minimum lease payments
2)Contingent Rents
3)Scheduled lease payments for the next year
4)Scheduled lease payments in total for the next remaining years
5)Scheduled lease payments in total for all years.
A)1, 2 & 3.
B)1, 2, 3, 4, & 5.
C)1& 2.
D)1, 2, 3 & 4.
E)1, 2, & 5.

Question

Quizplus · Accepted Answer

Under the accounting standards for leases (specifically ASC 842 for U.S. GAAP), lessees are required to disclose both qualitative and quantitative information about their leasing arrangements. This includes the total lease cost, the nature of the leasing activities, and a maturity analysis of lease liabilities, which encompasses the scheduled lease payments for the next year and in total for the remaining years, among other disclosures. Therefore, all listed items (1, 2, 3, 4, & 5) are part of the required disclosures for operating leases.

Which of the Following Are the Required Operating Lease Note