The lessee's disclosures should include the future minimum rental payments as of the date of the latest balance sheet presented, in the aggregate and for a certain number of succeeding fiscal years. What is the required number of years?

Question

Quizplus · Accepted Answer

The required number of years for disclosing future minimum rental payments in the aggregate and for each of the succeeding fiscal years is five. This is a common requirement in financial reporting to provide transparency about future lease obligations.

The Lessee's Disclosures Should Include the Future Minimum Rental Payments