PPT-GASB 87: At its least, its Lessee, Lessor and More

GASB 87 At its least its Lessee Lessor and More What we will cover Discuss an overview of the single model for recording leases capitalization Discuss lessor considerations Analyze the importance of creating a lease inventory. Leases. May 2013. This presentation has been prepared to help . stakeholders . understand the current status of the . leases . project of the FASB and . the IASB. . The views expressed in this presentation are those of the presenters. Official positions of the FASB and . . March 8, 2011. Jody . Grewal. , . Kieng. Iv,. Lisa Ryerson, May Leung. AGENDA. Lessee (Classification, Accounting, Disclosures). Lessor. (Classification, Accounting, Disclosures). Sales and Leaseback. RICHARD G. SCHROEDER . MYRTLE . W. CLARK . JACK . M. CATHEY. THEORY . AND. ANALYSIS: . TEXT AND CASES. 10. TH. EDITION. CHAPTER 13. LEASES. Introduction. Property rights are acquired by the purchase of assets. What does this statement mean?. Who are we?. NARO was founded in 1980. Due to Windfall Profits Tax. We have grown into an educational/advocacy organization. NARO has two “parts”. The Association a 501 c (6). presented by . David LaRosa . . 1. Financial Statement User Complaints. Common owner establishes entities for tax, estate planning, legal-liability purposes-not to structure off-balance-sheet debt arrangements. Aspects of Lease Agreements. Oisín Murray - Head of Technical. Lease . Agreement Technical Considerations. Maintenance Reserves. Maintenance Reserves Portability . Technical Records. Agenda. Lease Agreement Technical Considerations. The subject of leasing falls in the category of finance.. Leasing has grown as a big industry in USA and UK and spread to other countries in the present century.. In India, the concept was pioneered in 1973.. Other Lease Issues. Kieso. • . Weygandt. • Warfield • Young • . Wiecek. • . McConomy. Sale-Leaseback Transactions. Transaction in which the property owner (seller—lessee) sells the property to another party (purchaser—lessor) and immediately leases it back from the new owner. 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 . Certified continuing professional education class. 2-hour credit. Must remain for the entirety of the class to receive CPE credit. Must sign in and sign out to receive CPE credit. Certificates of attendance will be emailed for CPE credit. 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. 16th . Edition. Kieso . ●. . Weygandt . ●. . Warfield. . Explain . the nature, economic substance, and advantages of lease transactions. .. Describe . the accounting for leases by lessees.. LEARNING OBJECTIVES. Formation of the Contract of Lease Legislative Scheme Rental Housing Act 50 of 1999 [RHA] To give effect to the right to adequate housing in terms of s 26 of the Constitution. Rental Housing Tribunals to deal with complains concerning unfair practice.