Introduction
A lease is a contract calling for the lessee (user) to pay the lessor (owner) for use of an asset for a specified period of time. A rental agreement is a lease in which the asset is tangible property. As there are many ways to view how these contracts affect the balance sheets of both the lessee and lessor, FASB created a standard for US accountants and businesses.
Read more about this topic: Accounting For Leases In The United States
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