ACC 541 Week 3 Individual Assignment Response to Client Request I

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ACC 541 Week 3 Individual Assignment Response to Client Request I

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Response to Client Request IACC/541MEMORANDUMTO: Consulting SupervisorFROM: Accounting Department DATE: March 5, 2012SUBJECT: Leases and Lease Structure IssuesThis memorandum gives a summary of FASB research results on leases and lease structure issues in relation to what a client wants to know about leases and how long the lease relationship can last. In addition, it gives details on classification of leases and highlights the features of each type of lease.According to FASB, a lease is an agreement that involves transferring the right to use tangible assets from the owner, who is referred to as the lessor, to the lessee (Lee, 2003).Accounting for leases can be categorized into two elements: accounting by the lessor and accounting by the lessee. Lessors report the transfer of rights to use an asset or assets that they own, and lessees are responsible for and disclose payments for rights to use assets that do not belong to them (Lee, 2003). Particular criteria are used to establish whether a lease should be categorized as a capital or operating lease. For lessees, a lease is a financial deal termed as an operating lease if does not sa

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