TAILIEUCHUNG - Lecture Intermediate accounting: IFRS edition - Chapter 15: Leases

In this chapter we continue our discussion of debt, but we now turn our attention to liabilities arising in connection with leases. Leases that produce such debtor/creditor relationships are referred to as finance leases by the lessee and as either direct financing or sales type leases by the lessor. We also will see that some leases do not produce debtor/creditor relationships, but instead are accounted for as rental agreements. These are designated as operating leases. | © 2013 The McGraw-Hill Companies, Inc. LEASES Chapter 15 Chapter 15: Leases. In this chapter we continue our discussion of debt, but we now turn our attention to liabilities arising in connection with leases. Leases that produce such debtor/creditor relationships are referred to as finance leases by the lessee and as either direct financing or sales type leases by the lessor. We also will see that some leases do not produce debtor/creditor relationships, but instead are accounted for as rental agreements. These are designated as operating leases. Accounting by the Lessor and Lessee A lease is an agreement in which the lessor conveys the right to use property, plant, or equipment, usually for a stated period of time, to the lessee. Lessor = Owner of property Lessee = Renter The lessee receives the beneficial use of property in the lease. The lessor owns the property, and the lessee is the party who uses the assets and makes lease payments. From the perspective of the lessee, we have two types of leases. The first lease is referred to as an operating lease, and the second is known as a finance lease. We view a finance lease as an in-substance purchase of an asset. From the perspective of the lessor, we have three types of leases. We have an operating lease, a direct-financing-type lease, and a sales-type lease. Finance Leases and Installment Notes Compared Matrix acquires equipment from Apex by paying $193,878 every six months for the next three years. The interest rate associated with the agreement is 9%. Let’s look at the arrangement as an installment note payable and as a finance lease agreement. First, let’s prepare an amortization schedule for the payments. At the heart of the rules for lease accounting is a concept of “substance over form.” As accountants and business people, we believe that is the transaction is “in substance” a purchase of property, plant, and equipment, we should recognize it as a purchase no matter how difficult the guidelines are .

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