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Future of Lease Accounting

2005: SEC report on off-balance sheet financing stated that lease standards should be revised.
2006: FASB and IASB agreed to incorporate lease accounting into their project plans.
General Sentiment: Current lease accounting model is broken and current rules for distinguishing between operating and capital leases provides firms with the opportunity to structure their balance sheets.
Future: Operating leases are expected to be eliminated and firms will gross up their balance sheets with assets and liabilities.

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Effect of Leases on Financial Statements for Lessors

CFA Level 2: Financial Reporting 1 - Recommendations

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Financial Reporting Part 1

26 lessons

CFA Level 2: Financial Reporting Part 1 - Introduction

Financial Reporting: Important Definitions

FIFO and LIFO Methods for Inventory Expensing

Inventory Accounting and Financial Statements

Inflation/Deflation and Inventory Accounting Analysis

LIFO – Tax and Cash Flow Note

LIFO Reserve and Converting LIFO Net Income to FIFO Net Income

LIFO Liquidation

Inventory at Net Realizable Value

Impacts of LIFO and FIFO Inventory Methods on Selected Financial Ratios

Accounting of Long-lived Assets - Expensing vs. Capitalizing

Depreciation Methods for Property, Plant, and Equipment (PPE)

Impact of Depreciation Method

Depreciation - Important Points

Impairment of Long-lived Assets

Impact of Asset Impairment

Revaluation of Property, Plant, & Equipment (PPE)

Leasing versus Purchasing Assets

Traditional Lessee Accounting in US GAAP

Effects of Leases on Selected Financial Reporting Items for Lessees

Lessor Accounting for Leases

Lessors and Sales-Type Capital Leases

Lessors and Direct Financing Capital Leases

Effect of Leases on Financial Statements for Lessors

Future of Lease Accounting

CFA Level 2: Financial Reporting 1 - Recommendations

Topics

Financial Analysis