Rent
Code: 5220
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Account Information
| Account Type | Income Statement |
| Normal Balance | Debit |
Definition
Office or facility rent expense
Sub-accounts
5221
Office Rent
5222
Warehouse Rent
International Accounting Standards
IFRS
IFRS 16
Leases
Short-term leases (≤12 months) may use simplified approach — straight-line rent expense.
US GAAP
ASC 842
Leases
Short-term lease exemption available. Operating leases on balance sheet as ROU asset and liability.