tailieunhanh - Lecture Intermediate accounting (13th edition): Chapter 21 - Kieso Weygandt, Warfield
After completing this chapter you should be able to: Explain the nature, economic substance, and advantages of lease transactions, describe the accounting criteria and procedures for capitalizing leases by the lessee, contrast the operating and capitalization methods of recording other contents. | C H A P T E R 21 ACCOUNTING FOR LEASES Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield Explain the nature, economic substance, and advantages of lease transactions. Describe the accounting criteria and procedures for capitalizing leases by the lessee. Contrast the operating and capitalization methods of recording leases. Identify the classifications of leases for the lessor. Describe the lessor’s accounting for direct-financing leases. Identify special features of lease arrangements that cause unique accounting problems. Describe the effect of residual values, guaranteed and unguaranteed, on lease accounting. Describe the lessor’s accounting for sales-type leases. List the disclosure requirements for leases. Learning Objectives Leasing Environment Who are players? Advantages of leasing Conceptual nature of a lease Accounting by Lessee Accounting by Lessor Special Accounting Problems Capitalization criteria Accounting differences Capital lease method Operating method Comparison Residual values Sales-type leases Bargain purchase option Initial direct costs Current versus noncurrent Disclosure Unsolved problems Economics of leasing Classification Direct-financing method Operating method Accounting for Leases Largest group of leased equipment involves: Information technology, Transportation (trucks, aircraft, rail), Construction and Agriculture. LO 1 Explain the nature, economic substance, and advantages of lease transactions. A lease is a contractual agreement between a lessor and a lessee, that gives the lessee the right to use specific property, owned by the lessor, for a specified period of time. The Leasing Environment Three general categories: Banks. Captive leasing companies. Independents. LO 1 Explain the nature, economic substance, and advantages of lease transactions. Who Are the Players? The Leasing Environment 100% Financing at Fixed Rates. Protection Against Obsolescence. Flexibility. Less Costly Financing. Tax Advantages. . | C H A P T E R 21 ACCOUNTING FOR LEASES Intermediate Accounting 13th Edition Kieso, Weygandt, and Warfield Explain the nature, economic substance, and advantages of lease transactions. Describe the accounting criteria and procedures for capitalizing leases by the lessee. Contrast the operating and capitalization methods of recording leases. Identify the classifications of leases for the lessor. Describe the lessor’s accounting for direct-financing leases. Identify special features of lease arrangements that cause unique accounting problems. Describe the effect of residual values, guaranteed and unguaranteed, on lease accounting. Describe the lessor’s accounting for sales-type leases. List the disclosure requirements for leases. Learning Objectives Leasing Environment Who are players? Advantages of leasing Conceptual nature of a lease Accounting by Lessee Accounting by Lessor Special Accounting Problems Capitalization criteria Accounting differences Capital lease method Operating method
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