Cal. Code Regs. tit. 2 § 1031.14

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

Section 1031.14 - Accounting by District Lessor

A district, including a joint powers or nonprofit agency required to report as a district under Section 12463.1 of the Government Code, shall account and report leases of assets to others as follows. If the lease is a non-cancellable financing arrangement under which the lessee acquires the facility, the total of the payments due, less interest included, is recorded as a receivable and interest as revenue when earned or received. If the lease is cancellable or no property or other rights of value accrue to the lessee, periodic payments are recorded as revenue.

Cal. Code Regs. Tit. 2, § 1031.14

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).