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Future of Lease Accounting

Accounting, CFA® Exam, CFA® Exam Level 2

This lesson is part 25 of 26 in the course Financial Reporting Part 1
  • 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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In this Course

  • 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

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