Both U.S. GAAP and IFRS provide specific criteria for a capital lease, although the criteria are not the same.

Name: Both U.S. GAAP and IFRS provide specific criteria for a capital lease, although the criteria are not the same.
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Under U.S. GAAP, the concept of a capital lease has been replaced by a finance lease under ASC 842. IFRS uses the term "finance lease" in IFRS 16, and while both sets of standards have criteria for lease classification, the specific criteria and terminology differ.

Both US GAAP and IFRS Provide Specific Criteria for a Capital