A lessee must account for a lease contract as either an operating lease or a capital lease depending on the specific terms of the agreement. Officials working for the lessee are likely to prefer designation as an operating lease because a smaller liability will be reported. Operating leases are common examples of off-balance sheet financing because a significant portion of the contractual payments are not reported as liabilities on the balance sheet. In contrast, for a capital lease, the present value of all future cash flows must be included as a liability. To differentiate operating leases from capital leases, four criteria have been established by FASB. If any one of these criteria is met, the lessee accounts for the transaction as a capital lease. Thus, although a lease in form, the contract is viewed as a purchase in substance and reported in that manner.
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