Cal. Code Regs. tit. 2 § 1031.13

Current through Register 2024 Notice Reg. No. 41, October 11, 2024

Section 1031.13 - Assets Held Under Lease Agreements

A district shall account for and report leases of assets from others as follows. If the lease is a non-cancellable financing arrangement under which the lessee acquires the facility, the asset shall be capitalized and the related liability recorded, both in the amount of total payments due, less interest included. If the lease is cancellable or no property or other rights of value accrue to the district, periodic payments are charged to expense.

Cal. Code Regs. Tit. 2, § 1031.13

1. New section filed 12-14-72; effective thirtieth day thereafter (Register 72, No. 51).
2. Amendment filed 8-5-76; effective thirtieth day thereafter (Register 76, No. 32).

Note: Authority cited: Sections 30200 and 53891, Government Code. Reference: Section 53891, Government Code.

1. New section filed 12-14-72; effective thirtieth day thereafter (Register 72, No. 51).
2. Amendment filed 8-5-76; effective thirtieth day thereafter (Register 76, No. 32).