Discovery of a solution did not take long: They favored treatment as sales-type or direct financing leases the challenge, therefore, was to find a way around the 90% investment recovery test. Lessors also had good motivation to avoid operating lease classification, as most lessors were financial institutions subject to regulations that allowed them to keep leased assets on their books only briefly, not long-term. Consequently, most lease agreements qualified as operating leases and avoided balance sheet presentation. Simply excluding transfer and purchase features from a lease could circumvent the first two criteria, and the “bright lines” of the remaining two criteria were sidestepped with terms, interest rates, and other stipulations engineered to stay below the 75% and 90% thresholds. Lessees quickly found easy ways to elude the four criteria for designation as a capital lease. Leases not meeting any of the four criteria were considered operating leases for both lessees and lessors. For the lessor, it was deemed either a sales-type lease or a direct financing lease, to be reflected on the balance sheet as a lease receivable. If any single criterion was met, a lease was deemed to be a capital lease for the lessee, requiring the leased asset and the related lease liability to be listed on the balance sheet. A lease where the present value of the minimum lease payments (including any required lessee guarantee of residual value of the leased asset to the lessor at the end of the lease term) was greater than or equal to 90% of the fair value of the leased asset at the inception of the lease.A lease term greater than or equal to 75% of the asset’s economic life.A lease containing an option allowing the lessee to purchase the leased asset at a bargain price at the end of lease term.A lease that transfers ownership of the leased asset to the lessee at the end of the lease term.To identify the characteristics that distinguished a capital lease from an operating lease, SFAS 13 established four criteria: If you want an annual calendar for 2017, our selection of Yearly Calendars includes a year-long 2017 calendar.The first significant effort to cope with lease accounting came in November 1976, when FASB issued Statement of Financial Accounting Standards (SFAS) 13, Accounting for Leases, based on the principle that a lease “that transfers substantially all of the benefits and risks incident to the ownership of property should be designated a capital lease and accounted for as the acquisition of an asset and the incurrence of an obligation by the lessee and as a sale or financing by the lessor.” Leases not meeting this definition were classified as operating leases, requiring only note disclosure.
SEPTEMBER 2017 CALENDAR PRINTABLE WITH SIDENOTES DOWNLOAD
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