Locate and read the Statement No. 87 Leases, and the Implementation Guide No. 2019- 3. Visit FASBs website, and then, locate and read the Accounting Standards Update No. 2016- 2, and the Accounting Standards Codification Tonics 840 and 842, Leases. Prepare an academic paper to analyze the differences between GASBs and FASBs accounting treatment for leases.

Be sure your paper includes the following:

• A brief discussion of the old accounting treatment of leases according to GASB and FASB.
• A brief discussion of the significance of leases for business enterprises and state and local governments.
• Discussion of the differences in the criteria for classifying the lease contract into a capital (finance) lease; and an operating lease.
• Analysis of the differences in the accounting treatment of the operating leases.
• Analysis of the differences in the lessee accounting.
• Discussion of the differences in lessor accounting.
• Evaluate the interest (discount) rate requirements under FASB and GASB standards.
• Evaluation of the differences in the accounting treatments of the variable lease payments.
• Analysis of the differences in the accounting treatment of the sale-and-lease-back contracts.
• Analysis of the differences in the accounting treatment of the contracts with multiple components.
• Discussion of the differences in the accounting treatments of lease modifications and termination.
• Conclusion and your opinion on how the new accounting treatment of the lease will affect the financial positions and solvency of business enterprises and for state and local governments.