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In this video, we will discuss the five tests used to determine if a lease should be classified as an operating lease or finance lease. Under the new standard, all leases over one year must be capitalized. The lessee will recognize a right of use asset and a liability for lease payments on their balance sheet. It is important to classify the lease correctly as it will impact the income statement. Additional information on accounting will be provided in a future video, but for now, we need to focus on determining the classification of the lease.
