The GASB and FASB Accounting Requirements for Reporting Leases Are

Multiple Choice

The GASB and FASB accounting requirements for reporting leases are similar because:

A) Both standards distinguish operating leases from finance leases
B) Both had the overarching goal of reporting a transaction that conveys the right to use another entity's asset for an agreed-upon period
C) Both standards distinguish between short- and long-term leases
D) Both standards address leasing capital assets