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Disclosure in the context of Operating Lease (i) A lease payment was recorded in the profit and loss statement for the time. (ii) Lease payments in the future for the following time frame: Not later than 12 months. Later than a year, but no later than five years from now.

The new lease standard has specific financial statement presentation requirements for leasing activity. Although a lessee is required to present assets and liabilities for substantially all leases in a similar manner, presentation of expenses and cash flows will differ based on how a lease is classified.

The new standard will require organizations that lease assets? referred to as ?lessees??to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases.

A lessor shall disclose a maturity analysis of its lease receivables, showing the undiscounted cash flows to be received on an annual basis for a minimum of each of the first five years and a total of the amounts for the remaining years.

An operating lease is a contract that allows for an asset's use but does not convey ownership rights of the asset. These leases allow businesses to use the asset without incurring the high expenses involved in purchasing it.

ASC 842, or Topic 842, is the new lease accounting standard issued by the FASB and governs how entities record the financial impact of their lease agreements. Among other changes, it requires all public and private entities reporting under US GAAP to record the vast majority of their leases to the balance sheet.

A lessee should disclose additional qualitative and quantitative information about its leasing activities. leases not yet commenced to which the lessee is committed. A lessee that accounts for short-term leases or leases of low-value assets should disclose that fact.

At commencement of the lease term, finance leases should be recorded as an asset and a liability at the lower of the fair value of the asset and the present value of the minimum lease payments (discounted at the interest rate implicit in the lease, if practicable, or else at the entity's incremental borrowing rate) [ ...

Other Lease-Related Information Cash flows - for both finance and operating leases, a lessee must disclose the cash paid to reduce lease liability (for operating leases, this is the total cash paid, and for finance leases, this includes the interest paid, disclosed broken out from principal payments)

The lessee reports the lease as both an asset and a liability on the balance sheet due to their stake as a potential owner of the asset and their required payment. They also report individual lease payments as expenses on the income and cash flow statements.