intermediate accounting leases

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1、ConfirmingPagesCHAPTER15LeasesOVERVIEWInthepreviouschapter,wesawhowcompaniesaccountfortheirlong-termdebt.Thefocusofthatdiscussionwasbondsandnotes.Inthischapterwecontinueourdiscussionofdebt,butwenowturnourattentiontoliabilitiesarisinginconnectionwithleases.Leasesthatproducesuch

2、debtor/creditorrelationshipsarereferredtoascapitalleasesbythelesseeandaseitherdirectfinancingorsales-typeleasesbythelessor.Wealsowillseethatsomeleasesdonotproducedebtor/creditorrelationships,butinsteadareaccountedforasrentalagreements.Thesearedesignatedasoperatingleases.Thecha

3、ptercon-cludeswithaWhereWe’reHeadedSupplementexplainingindetailaproposedAccountingStandardsUpdate(hereafter,“theproposedASU”)theFASBplanstoissuein2012thatsubstantiallychangeshowweaccountforleases.LEARNINGAfterstudyingthischapter,youshouldbeableto:OBJECTIVES●LO15–1Identifyandde

4、scribetheoperational,financial,andtaxobjectivesthatmotivateleasing.(p.860)●LO15–2Explainwhysomeleasesconstituterentalagreementsandsomerepresentpurchases/salesaccompaniedbydebtfinancing.(p.861)●LO15–3Explainthebasisforeachofthecriteriaandconditionsusedtoclassifyleases.(p.862)●L

5、O15–4Recordalltransactionsassociatedwithoperatingleasesbyboththelessorandlessee.(p.866)●LO15–5Describeanddemonstratehowboththelesseeandlessoraccountforacapitallease.(p.868)●LO15–6Describeanddemonstratehowthelessoraccountsforasales-typelease.(p.873)●LO15–7Describethewayabargain

6、purchaseoptionaffectsleaseaccounting.(p.876)●LO15–8Explainhowleaseaccountingisaffectedbytheresidualvalueofaleasedasset.(p.879)●LO15–9Explaintheimpactonleaseaccountingofexecutorycosts,thediscountrate,initialdirectcosts,andcontingentrentals.(p.883)●LO15–10Explainsale-leasebackag

7、reementsandotherspecialleasingarrangementsandtheiraccountingtreatment.(p.894)●LO15–11DiscusstheprimarydifferencesbetweenU.S.GAAPandIFRSwithrespecttoleases.(pp.865,875,886,897and898)sspi2532X_ch15_858-945.indd858pi2532X_ch15_858-945.indd858111/01/127:26PM1/01/127:26PMConfirming

8、PagesFINANCIALREPORTINGCASEIt’saHit!“Don’tgettoocomfortablewi