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Homework Handout
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The FASB met on May 13, 2015 and discussed the leases project.
What decisions regarding leases were reached at this meeting?
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9. What are the next steps the FASB will take regarding the leases
project?
10. What is the current Topic in the FASBs Accounting Standards
Codification where Leases reside?
11. To what Topic in the FASBs Accounting Standards Codification is
Leases moving to?
12. Does the new Leases standard apply to all leases? If not, which
Leases are excluded from the new standard?
Chapter 15 Homework - 1
13. What is the core principal of the new lessee accounting model?
14. For lessees, what are Type A and Type B leases?
15. Under the new lessor accounting model, what does the
classification as a Type A or Type B leases depend on?
16. For lessors, how does the accounting for Type A and Type B
leases line up with current U.S. GAAP?
17. What are the four (4) subtopics covering leases in the new leases
standard?
18. What is a lease according to the new leases standard?
19. What are the criteria that must be met for an ROU asset to be a
separate component under the new leases standard?
20. How does the new leases standard define the lease term?
21. How does the new leases standard define a lease modification?
22. How does the new leases standard define a short-term lease?
23. Are lessees and lessors provided an accounting election o not
apply the new leases requirements to short-term leases? If so,
how are lease payments recognized?
24. What is the recognition criteria for lessees under the new leases
standard?
25. For lessees, how is the ROU asset calculated under the new
leases standard?
26. For lessees, how is the lease liability calculated under the new
leases standard?
27. For lessees, leases payments under the leases standard include?
Chapter 15 Homework - 2
28. For lessees, how are Type A leases subsequently measured under
the new leases standards?
29. For lessees, how are Type B leases subsequently measured under
the new leases standard?
30. When should a lessee reassess (remeasure) the lease liability to
reflect changes to the lease payment?
31. Under the new leases standard, a lessee should recognize the
amount of any remeasurement of the lease liability as an
adjustment to the right-of-use asset, except?
32. For lessees, how are leases to be presented in the Statement of
Financial Positon, Statement of Comprehensive Income, and
Statement of Cash Flows under the new leases standard?
33. For lessees, what are the objectives of the disclosure
requirements in the new leases standard?
34. For lessors, under the new leases standard, determining whether
a Type A lease is a sales-type vs direct financing lease depends
on what?
35. Under the new leases standard, how does a lessor account for a
sales-type lease?
36. Under the new leases standard, how does a lessor account for a
direct financing lease?
37. How does a lessor account for a Type B lease under the new
leases standard?
38. For lessors, how are leases to be presented in the Statement of
Financial Positon, Statement of Comprehensive Income, and
Statement of Cash Flows under the new leases standard?
39. What disclosures are required for lessors under the new leases
standard?
Chapter 15 Homework - 3
Chapter 15 Homework - 4