From the course: Accounting Foundations: Leases
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How long have you been teaching the old rules?
From the course: Accounting Foundations: Leases
How long have you been teaching the old rules?
- All right, let's figure out how long we've been teaching these old lease accounting rules. - All right, I'll start with when I first studied those rules. I checked my old college transcript. I went online, checked it, and I studied lease accounting in my Intermediate Accounting II course for Professor Sondrager back in Winter 1980. - 1980, okay, that's when you first learned the old rules. When did you start seriously teaching the rules? - See, that I don't remember, but you and I started writing a textbook containing those rules early in the year 1990. - In short, we've been studying and teaching the old lease accounting rules for a long time. - Four lease classification criteria. Capital leases, off balance sheet operating leases. We have been immersed in this stuff, this nonsense for decades. - And we aren't the only ones. Two full generations of accountants have learned and applied the old lease accounting rules. We have been long using operating lease…
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