Chartered Financial Analyst Level 1
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For leases with a term of twelve months or less, the lessee:
A
may recognize lease payments on a straight-line basis.
B
must report at lease inception a "right-of-use" asset and a lease liability, both equal to the present value of future lease payments.
C
must report at lease inception a "right-of-use" asset and a lease liability, both equal to the undiscounted value of future lease payments.