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This video discusses the five tests used to determine if a lease should be classified as an operating lease or a finance lease. The new standards require leases over one year to be capitalized, with the lessee recognizing a right of use asset and a liability for lease payments. The classification of the lease affects the income statement and determines if interest expense, amortization expense, or lease expense is recognized. This video focuses on how to classify leases, with more details on accounting to be discussed in a future video.
