relationship with the customer may last‚ but the deal has the potential for significant growth. The supervisor has asked a research to be conducted on leases and lease structure issues on the Financial Accounting Standards Board (FASB) website‚ in particular the current practice and thought related to direct financing‚ sales type‚ and operating leases. This paper is a memo addressed to the supervisor that summarizes the FASB research results. It recommends an approach that the client can use to evaluate
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Prior Year Adjustments. SAS 7 - Foreign Currency Conversions and Translations SAS 8 - Accounting for Employees’ Retirement Benefits SAS 9 - Accounting for Depreciation SAS 10 - Accounting by Banks and Non-Bank Financial Institutions (Part I) SAS 11 - Leases SAS 12 - Accounting for Deferred Taxes SAS 13 - Accounting for Investments SAS 14 - Accounting in the Petroleum Industry: Upstream Activities SAS 15 - Accounting by Banks and Non-Bank Financial Institutions (Part II) SAS 16 - Accounting for Insurance
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three types of propriety rights which can exist at law; they are property rights‚ personal rights and equitable property rights. The first interest to consider is the lease given to Simon. To establish whether Richard will take subject to the interests one would need to consider whether the interest is capable of being legal. A lease has the potential of being created at law‚ as it is one of the two legal estates listed under s.1 (1) (b) Law of Property Act 1925‚ as a term of years absolute. The next
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Solution to Mid-Term Exam ADM 4348M Winter 2011 SPECIAL TOPICS IN FINANCIAL ACCOUNTING March 1‚ 2011 DMS 4140 17:30-20:30 Professor : Sheldon Weatherstone Duration: 3 hours Instructions 1. Non-programmable calculators are permitted‚ but you cannot share calculators. 2. Books and notes are not permitted. 3. Please do not ask the professor or the invigilator to explain or interpret questions. State any assumptions you feel are necessary. 4. Write your
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conditions placed by the corporation. Answer: Consider the corporation’s point of view: Take a look into a couple T&C individually‚ Where CORPORATION wanted the hardware and software ordered from a single supplier‚ and wanted the equipment on a long lease and not outright purchase The committee formed by CORPORATION didn’t want to take the responsibility of the each and every item that was being purchased because in that case they would have had to run behind 100 vendors for the warranty and related
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Case 5: Financing PPL Corp.’s Growth Strategy Study Questions 1. Evaluate PPL’s growth strategy and financing policies. Why is it important for PPL to seek out alternative financing strategies instead of using its own corporate balance sheet? In the early 1990’s‚ the anticipation of deregulation in the electricity marketplace led PPL to change its business strategy. It was essential for them to enter the market as soon as possible or they may have faced barriers to entry. In 1994‚ PPL established
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underdeveloped capital markets‚ creditors’ rights and collateral laws and registries would be weak. Leasing thus offers a less default risk. With the extra consideration of tax advantage over leasing‚ in overall‚ the policies make sense. Since a typical lease
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AS-19 “LEASES” PRE AS-19 ERA Prior to 1.04.2001 the “Guidance Note on Accounting for Leases” was applicable on leasing industries. This Guidance Note was based on the matching principle i.e. the periodic costs comprising of depreciation and lease equalization charges were recommended to be matched with lease rentals so that the net income from a finance lease will show a true and fair view
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This year ’s preliminary results season has been something of a landmark. Last year was to be the last reporting period where listed companies presented their results according to UK generally accepted accounting principles (GAAP). After that‚ they would be required to use international financial reporting standards (IFRS) to prepare their consolidated financial statements for accounting periods commencing on or after 1st January 2005 (http://search.ft.com‚ 2004). The requirement to adopt IFRS applies
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The Bare Minimum Overall Case Facts Big Bear Power (Big Bear) must determine what factors should be included in the minimum lease payments for the lease of a combustion turbine from Goliath Co. For each of the following three provisions‚ we determine what components should be included in “minimum lease payments” per ASC 840. Provision 1 Facts At the beginning of the lease‚ Big Bear pays $500‚000 to its legal counsel as well as $1 million in legal fees incurred by Goliath Co. The Company is required
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