Fun with Leases: A Student Case Study

• In Event: Teaching, Learning, and Curriculum 1

Abstract

This case study exposes students to lease transactions requiring researching both the FASB Accounting Standards Codification and archived standards. For each lease sample type, students should identify (1) the significant facts used to classify each sample lease, (2) the appropriate accounting literature, and (3) how to record the leases at inception. After examining all the leases, students also identify all changes to (1) all future lease recordings, and (2) the business model, if any.

Authors

• Alan Reinstein, Wayne State University

• Natalie T Churyk, Northern Illinois University

• Lance Smith, Ernst & Young