I think everyone would agree there are many reasons to enter a lease. However, I think we would all also agree that if the only reason to enter a lease was to obtain a certain accounting treatment then the accounting should be changed. Bill Bosco raised some very interest points related to the leasing industry that we know very little about as academics. One issue accounting struggles with is how to reconcile economic compulsion with the legal requirement. For me, this is at the heart of lessee accounting. Should accounting vary if a company is economically compelled but not legally compelled? We end up including liabilities that have no enforceable obligation. But does the alternative really reflect the underlying economics?