PPT-Leases, Intangibles, and Asset Impairment

GAAP Capital Lease Criteria To be classified as a capital lease GAAP states that the lease must be noncancelable and meet one of the following Transfers ownership Bargain purchase option Lease term is . PPE and intangible assets: Depreciation, amortization and impairment. Amortization. Impairment. Goodwill impairment. 1. . Amortization of capital assets . Since long-lived assets provide benefits over several years, the cost is allocated (matched) to the periods in which service are received from (revenues . April 2011. Russ Golden – FASB Member. Susan Cosper – FASB Technical Director. Agenda . Outreach. Changes made from the Exposure Draft . Definition of a lease. Variable payments. Renewal options. October . 6, . 2010. This presentation has been prepared to help constituents understand the current status of projects of the FASB and IASB. . The views expressed in this presentation are those of the presenter. Official positions of the FASB and the IASB are reached only after extensive due process and deliberations.. Lease Accounting and. Operational Implications. Tim Shepard . Senior Manager, Financial Accounting Advisory Services. Ernst & Young LLP. November 18, 2016. Disclaimer. These slides are for educational purposes only and are not intended, and should not be relied upon, as accounting advice.. Leases Project. Overview. Identify a lease. Lessee: how big the liability will be?. Lessor accounting: what has changed?. Other lease accounting issues. Transition provisions. What do you need to do to get ready for 2019?. Assets. IAS 38. 2015. 1. Two Main Characteristics. :. Characteristics. Lack of physical existence.. They are not financial instruments.. Normally classified as long-term asset.. Common types of intangibles:. Identify a lease. Lessee: how big the liability will be?. Lessor accounting: what has changed?. Other lease accounting issues. Transition provisions. What do you need to do to get ready for 2019?. Agenda. 1. Vaibhav Tandon, CPA. Audit and Accounting Manager, Gumbiner Savett. Extensive experience with privately held clients in retail distribution, wholesale, consumer finance, and manufacturing industries. LEARNING OBJECTIVES. Understand the basic concepts of lease accounting and identify. the . advantages and disadvantages of leasing.. Understand . lease contracts and determine how to separate. lease . , and . amortization of intangible . assets.. 2. Describe . the accounting for . various types . of intangible . assets.. 3. Explain . the accounting issues for recording goodwill.. LEARNING OBJECTIVES. 2015. Intangibles. 1. Two Main Characteristics. :. Characteristics. Lack of physical existence.. They are not financial instruments.. Normally classified as long-term asset.. Common types of intangibles:. Tuesday, March 21, 2017. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.. Jeff Jensen, CPA . © 2017 Crowe . LLP. Polling Question #1. Which of the following best describes your experience related to GASB 87? . I have read through GASB 87 and have already began taking inventory of our leases and determining how each will be reported. A closer look at the new leases standard- Ind AS 116 CA (Dr.) Sanjeev Singhal CA Amit Jain 1 Content Background 2 Scope 3 New Definition of lease 4 Lessee accounting 5 Lessor accounting 6 Transition