FASB/IASB Lease Type field

The FASB/IASB Lease Type field of the Leases table (ls.fasb_ls_type) specifies the type of lease according to FASB and IASB guidelines. The choices are:

• Pending (You have not yet set the value.)
• Land Only
• Partial-Building
• Building and Land
• Equipment
• IASB Building or Land
• IASB Equipment

In order to classify your leases as operating or finance under the FASB ASC 842 and IASB guidelines, you must first specify the lease type as one of the above values. You can do so from the Lease Classification Wizard.

Note that the value for FASB/IASB Lease Type determines the options that the Lease Classification Wizard presents. For example, if FASB/IASB Lease Type is set to Equipment, the Wizard does not present right-of-use adjustment options about expanding the leased space.