Korean Practice News Letter - Current Issue - Issue 1

Korean Practice News Letter - Current Issue - Issue 1

Under the Boards’ latest tentative decisions, the pattern of total non-contingent lease expense recognized by lessees generally would be either front-loaded or straight line, depending on whether the underlying asset is real estate or equipment, and the terms of the lease.

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The Boards also decided to align the classification test used by lessors to determine whether to apply the receivable and residual (R&R) model or operating lease accounting with the lease classification test used by lessees.

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