tailieunhanh - Lecture Intermediate accounting (Volume 2, 11th Canadian edition) – Chapter 20: Leases

After studying this chapter, you should be able to: Understand the importance of leases from a business perspective; explain the conceptual nature, economic substance, and advantages of lease transactions; identify and apply the criteria that are used to determine lessee right-of-use assets under IFRS 16 and leases under the ASPE classification methods;. | 1 CHAPTER 20: LEASES 2 2 CHAPTER 20: Leases After studying this chapter, you should be able to: Understand the importance of leases from a business perspective. Explain the conceptual nature, economic substance, and advantages of lease transactions. Identify and apply the criteria that are used to determine lessee right-of-use assets under IFRS 16 and leases under the ASPE classification methods. Calculate the lease payment that is required for a lessor to earn a specific return. Account for right-of-use assets by lessees under IFRS 16. Determine the effect of, and account for, residual values and purchase options for a lessee’s right-of-use asset (IFRS) or a capital lease (ASPE). Account for operating leases by lessees under ASPE (and short-term leases and low-value under IFRS 16) and compare the operating and capitalization methods of accounting for leases. Determine the statement of financial position presentation of a right-of-use assets (and ASPE capital leases) and identify other disclosures required. Identify and apply the criteria that are used to determine the type of lease for a lessor under the classification approach. Account for and report basic financing and sales-type leases by a lessor. Account for and report financing and manufacturer/dealer or sales-type leases, with guaranteed residual values or a purchase option, by a lessor. Account for and report on operating leases by a lessor. Identify differences in accounting between ASPE and IFRS, and what changes are expected in the near future. 3 3 Importance of Leases Leasing is popular because it is a cost-effective way of financing property and equipment This is especially true for items that become obsolete quickly From an accounting standpoint, leases have been controversial because many are “off-balance sheet” Standard setters have been concerned about this lack of transparency for many years 4 LO1 Understand the importance of leases from a business perspective. 4 Leasing Environment A lease is a | 1 CHAPTER 20: LEASES 2 2 CHAPTER 20: Leases After studying this chapter, you should be able to: Understand the importance of leases from a business perspective. Explain the conceptual nature, economic substance, and advantages of lease transactions. Identify and apply the criteria that are used to determine lessee right-of-use assets under IFRS 16 and leases under the ASPE classification methods. Calculate the lease payment that is required for a lessor to earn a specific return. Account for right-of-use assets by lessees under IFRS 16. Determine the effect of, and account for, residual values and purchase options for a lessee’s right-of-use asset (IFRS) or a capital lease (ASPE). Account for operating leases by lessees under ASPE (and short-term leases and low-value under IFRS 16) and compare the operating and capitalization methods of accounting for leases. Determine the statement of financial position presentation of a right-of-use assets (and ASPE capital leases) and identify .

• Kế toán - Kiểm toán
• Intermediate accounting
• Lecture Intermediate accounting
• Financial reporting
• Leasing environment
• Minimum lease payments
• Residual values
• Financial Accounting
• Accounting process
• Accounting equation
• Accounting processing cycle
• Stock issuance
• Estimating reserves
• Liquidating dividends
• Accounting changes
• Error corrections
• Accounting choices
• Theoretical structure
• Accrual accounting
• Financial accounting environment
• Accounting for leases
• Accounting by lessee
• Special accounting problems
• Cash versus accrual accounting
• International standard setting
• Accounting standards
• Accounting assists
• The challenges facing accounting
• Income taxes
• Accounting for income taxes
• Deferred tax liabilities
• Error analysis
• Accounting policy
• Accounting estimate
• Accounting policies
• Accounting information system
• Measurement issues
• Characteristics of accounting
• Capital allocation process