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GASB Recap

GASB Recap
Horizontales
A lease that is 12 months or less with NO renewal options that when added together are over 12 months.
If not restating, what is the difference of the Asset and Liability booked to
A lease starting after transition with this option would NOT be entered into LQ since it would be considered a sale or a finance purchase
This is one-year for all GASB leases
One Method under Legacy GASB
If Yes, this type of "catch up" JE will be one JE on the transition month
This Legacy GASB method is calculated just like Topic 840
These leases are subject to laws and regulations. They are scoped out yet Lessors have reporting requirements.
Verticales
For GASB all __________ are left out of the asset and liability calculations
All amortization schedules are Cash minus Expense but Landlord leases are...
The following are examples of what type of agreements: Biological Assets, Inventory, Supply Contracts
These payments are not part of the Asset and Liability calculations