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Lease Accounting
Posted Wed, 11/11/2009 - 10:34am by Scott Lane (CFO and CRO)
Details
Attached are the current US GAAP rules for lease accounting. The main effort is to determine what kind of lease one has as the lessee or lessor, the accounting requirements and mechanics are then driven from there.
| Attachment | Size |
|---|---|
| leases.pdf | 270 KB |
- Lease Accounting
- 904 reads
© 2012 Proformative, Inc.
Comments
Accounting for Discretionary Allowance in Lease
We are relocating to a new office. We are required to pay a significant termination fee to exit our current lease. The new lease includes a discretionary allowance which covers the old lease termination fee and our relocation expenses. We had planned to use the discretionary allowance in the new lease to offset our termination fee and our relocation expenses. Our auditors tell me that I must expense the termination fee in the current year, which I agree with, but that I must amortize the discretionary allowance over the term of the new lease. Is there any way I can justify using the discretionary allowance this year to offset the termination fees.