Under SFAS No. 13, leases that do not meet one of the four criteria for a capital
Question:
Under SFAS No. 13, leases that do not meet one of the four criteria for a capital lease are treated as operating leases.
Team 1: Argue for the capitalization of leases that do not meet any of the SFAS No. 13 criteria for a capital lease. Your argument should take into consideration the conceptual framework definitions of assets and liabilities.
Team 2: Argue against the capitalization of leases that do not meet any of the SFAS No. 13 criteria for a capital lease. Your argument should take into consideration the matching principle and full disclosure.
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Team 1Argue for the capitalization of leases which do not meet the SFAS No 13 criteria for capitalization SFAC No 6 defines assets as probable future economic benefits obtained or controlled by a part...View the full answer
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Related Book For 
Financial Accounting Theory and Analysis Text and Cases
ISBN: 978-1118582794
11th edition
Authors: Richard G. Schroeder, Myrtle W. Clark, Jack Cathey
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