Advantage to updating fas 13

The leases project will soon be signed by the FASB and will be called ASC Topic 842.

Although the FASB originally set out to change lessor GAAP, the board decided to retain current lessor GAAP, for the most part, as financial statement users did not cite any major issues with lessor accounting.

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The Codification is effective for interim and annual periods ending after September 15, 2009.

Paragraphs in each section contain the actual accounting guidance, and the numbering will remain consistent going forward (i.e., new accounting guidance added between existing paragraphs will be given a letter designation).

Thus, for example, an aircraft which has an economic life of 25 years may be leased to an airline for 5 years on an operating lease.

The determination of whether a lease is a finance (also called capital) lease or an operating lease is defined in the United States by Statement of Financial Accounting Standards No. In countries covered by International Financial Reporting Standards, the tests are defined in IAS 17.

advantage to updating fas 13-22

After certain exemptions and offsets, the taxpayer determines the AMT owed, and is required to pay whichever amount is larger: the regular tax or the AMT.In the context of cars and other passenger vehicles, under an operating lease the lessor leases the vehicle to the lessee for a fixed monthly amount, and also assumes the residual value risk of the vehicle.This provides a way to lease a vehicle where the cost of the vehicle is known in advance.The projected completion of the project is now 2014.As of the second Exposure Draft in 2013, the boards are considering retaining the single, straight-line lease expense profile of operating lease accounting, though assets and liabilities would still be reported.

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