Project #161576 - accounting

Business Tutors

Subject Business
Due By (Pacific Time) 01/13/2017 05:00 pm

Hello,

An accounting paper should be written based on the attachments!

paper instruction:

A new converged Standard on Leasing, ASU 2016-02, Leases (Topic 842), has been passed by both the FASB and the IASB Boards February 25, 2016.  The Boards have issued proposed rules based on “right of use,” which requires that all leases, regardless of their terms, be accounted for in a manner similar to how finance leases are treated.  In other words, lessees will have to put the leases on their balance sheet and recognize an asset and a liability.

Assignment:

Please respond to the new Lease Standard which will most likely result in a significant amount of debt that must now be reported on the balance sheet of many companies.  You may consider questions such as:

  • Do you feel that the proposed rules will increase transparency in financial reporting, resulting in more reliable financial statements?  You may refer to the Krispy Kreme and Rite Aid examples on the first two pages of the “Accounting for Leases” reading.
  • How will this affect certain industries that rely heavily on financing such as the airline and construction industries?

 

You may refer to the PowerPoint presentation, to the readings, e.g. “Accounting for Leases” pg. 1273, and/or pull quotes from the literature in the FASB Codification.  The link to the topic from the FASB Codification home page is: “Broad Transactions” Subtopic “840-Leases.”  For a listing of relevant FASB Codification links, please see pg. 1313 of the “Accounting for Leases” reading.  

There is no right or wrong answer to this question.  I am merely looking for well thought-out responses.  You do not need a Works Cited page but please document your references in your write-up.  Please keep your responses to 1-2 pages typed-double spaced Times New Roman font 11 pt.

 

 

 

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