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although most leases will be recorded on the balance sheet the initial lease classification will determine how the leases will be recognized in the income statement hi im priya singleton quality control officer at blue and company and in this video ill share a little bit about the lease classification criteria under the new lease guidance similar to previous guidance the new lease standard requires lessees to classify leases as either operating or finance leases the lease classification is required to be performed at the commencement date which is the date that the lessee has the least asset available to use under the guidance if a lessee meets any of the following criteria the lease should be classified as a finance lease because control of the asset is essentially transferred to the lessee the first four criteria are similar to the current guidance except the 75 and the 90 brightline tests have been removed for determining major part of the remaining economic life and substantiall
