Theory and Practice
Connecting the textbook theory of accounting for lessees provided by standard setters to the practical considerations of day-to-day business realities and the process flows of modern accounting software, is a complex process. This section attempts to connect the dots. It provides, for each step along the way, the accounting theory, illustrative T-account style journal entry examples and how one would configure Sage Intacct Lease Accounting to achieve the result.
For every scenario, the examples are clearly marked the standards (IFRS, US GAAP or UK GAAP (FRS 102) or countries where it applies.