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Wiley GAAP 2013: Interpretation and Application of Generally Accepted Accounting Principles by Joanne M. Flood

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CHAPTER 21

LEASES

Perspective and Issues

Introductory Discussion

Variable interest entities

Definitions of Terms

Concepts, Rules, and Examples

Variable Interest Entities

Decision diagrams

Definition of a business

Variable interests in “silos”

Analysis under ASC 810

Other lease terms and provisions

Lease or Sale—The Interplay of Lease and Revenue Recognition Accounting

ASC 840-10-35: Determining whether an arrangement contains a lease

Sales with a guaranteed minimum resale value

Equipment sold and subsequently repurchased subject to an operating lease

Lessee Classification

Lessor Classification

Distinctions among sales-type, direct financing, and leveraged leases

Lessee Accounting

Operating leases

Capital leases

Lessor Accounting

Operating leases

Sales-type leases

Direct financing leases

Leveraged leases

Real Estate Leases

Leases involving only land

Leases involving land and building

Leases involving real estate and equipment

Leases involving only part of a building

Operating leases with guarantees

Lessee-incurred real estate development or construction costs

Sale-Leaseback Transactions

Retention of rights to use the property

Sale-leaseback involving real estate

Supplemental guidance

Other Lease Issues

Accounting for a sublease

Lease escalations

Lessee involvement in asset construction

Change in residual value

Change in the provisions of a lease

Early termination of a lease

Renewal or extension of an existing lease

Leases between related parties

Indemnification provisions in lease ...

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