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  • Lease Accounting Research and the G4+1 Proposal

    6098 Words  | 25 Pages

    © 2001 American Accounting Association Accounting Horizons Vol. 15 No. 3 September 2001 pp. 299–310 COMMENTARY Lease Accounting Research and the G4+1 Proposal Robert C. Lipe Robert C. Lipe is an Associate Professor at the University of Oklahoma. INTRODUCTION The Group of Four Plus One, or G4+1 for short, is a cooperative effort by national accounting standard setters from Australia, Canada, New Zealand, the United Kingdom, and the United States plus the International Accounting Standards

  • Why Do You Distinguish Between A Lease And A License And The Grantee

    1394 Words  | 6 Pages

    How do you distinguish between a lease and a licence and why might it be important to do so? Is there evidence to show that the distinction is becoming less important? A license is a personal permission to enter or occupy the property owned by the person giving that permission. A licence does not give any interest or estate in land . Hence, a license is a personal right, so, in theory, a license can only be binding on the grantor of the license and the grantee, unless it is a license by estoppel

  • Exposure Draft 2010 and Its Affects on Lease Accounting

    2074 Words  | 9 Pages

    Existing lease accounting standards require lessees to classify their lease contracts as either finance or operating leases. If a lease is classified as a finance lease, assets (and liabilities) are recognized in its statement of financial position. For an operating lease, the lessee simply recognizes lease payments as an expense over the lease term. This split into finance and operating leases has given rise to a number of problems. The International Accounting Standards Board (IASB) and the

  • Accounting Standards Codification 840 Leases Essay

    2028 Words  | 9 Pages

    840 Leases The purpose of this paper is to examine and discuss ASC 840 Leases specifically Capital, Operating and Sale-Leaseback summarizing the essential components of the standard including recognition, measurement, subsequent measurement, financial, political, and economic impact for the company and its investors.   Leases are contracts between the lessor (owner) and the lessee (client) to use an asset for a specified period of time in exchange for rental payments over the term of the lease.  For

  • Proposed Changes Of Leases And Their Recognition On The Balance Sheet

    1012 Words  | 5 Pages

    The proposed changes regarding leases and their recognition on the balance sheet, has been released in an exposure draft ED 242 by Australian Accounting Standards Board, otherwise referred to as AASB. The purpose of these proposed changes aims to bring transparency and accountability to these reports prepared by Australian companies. Leasing “is a means of gaining access to assets, of obtaining finance, and of reducing an entity’s exposure to the risks of asset ownership.” (AASB Exposure Draft, 2013)

  • The New Accounting Standard Ifrs 16 On Leases, Profit And Loss And Balance Sheet

    1496 Words  | 6 Pages

    The objective of this report is to present the factual findings of the audit of operating leases to the CFO and CEO of the XYZ limited. The XYZ’s 2015 financial statements has shown the material amount of operating leases and therefore needs particular attention during the course of audit. The auditing of assets held under the leasing agreements involves the verification under the guidelines of IAS 17 Leases. The current accounting standard for leasing is applicable for Australian companies has been

  • Operating Lease Financing And Financial Performance Of State Owned Sugar Companies Essay

    973 Words  | 4 Pages

    Operating Lease financing and financial Performance of State owned sugar manufacturing firms in Kenya Isabwa Harwood Kajirwa1 Omete F. Ikapel2 1,2Department of Business Management, University of Eldoret, P.O. Box 1125-30100, Eldoret, Kenya, Email: Abstract This study analyses the effect of operating lease finance on financial performance of state owned sugar firms in Kenya. The study used the retrospective research design in collection of data. A target population of

  • Lease

    967 Words  | 4 Pages

    Convert WRDS OUTPUT Building a Financial Statement Analysis and Valuation Spreadsheet Income Statement-66 This case starts with raw financial statements and then a) develops standardized financial statements, b) constructs a statement of cash flows, c) builds all the key ratios, d) links forecast inputs to future financial statements, and e) builds discounted cash flow and residual income valuation models based on the forecasts. The result is a simplified version of eVal4, the spreadsheet model

  • Leases and Lease Option Memo

    841 Words  | 4 Pages

    Memorandum To: Supervisor From: Date: March 14, 2011 Re: Leases and Lease Issues CONFIDENTIAL The trucking company currently owns 100 trailers and a new client have requested 20 more for a total of 120 trailers for its project. The relationship with the new client is uncertain but at the same time it has potential for significant growth of the company. The uncertainty of the relationship may have an effect on the financial position of the client company

  • Covenants in Leases

    2584 Words  | 11 Pages

    SEMINAR 12: COVENANTS IN LEASES Leasehold covenants are contractual obligations contained in leases, between the landlord and the tenant. There are generally 3 types: • those implied at common law in every lease, subject to contrary provision • those implied by statute, even in the face of contrary provision • those that are the result of the parties’ express agreement to that effect. A) IMPLIED COVENANTS I) BY LANDLORD A) QUIET ENJOYMENT: Every lease contains an IMPLIED COVENANT