When are initial direct costs recognized in an operating lease? In a direct financing lease? In a sales-type lease? Why?
Answer to relevant QuestionsWhat are the required lease disclosures for the lessor and lessee?Could a finance (capital) lease under IFRS be classified as an operating lease under U.S. GAAP? Explain.The 2008 annual report of the Sonic Corporation reported minimum lease payments receivable of $3,292,000 and a net investment in direct financing leases of $2,500,000. What accounts for the difference between these two ...Adams Storage and Appraisal leased equipment to OAC Corporation for an eight-year period, at which time possession of the leased asset will revert back to Adams. The equipment cost Adams $32 million and has an expected ...On June 30, 2011, Georgia-Atlantic, Inc. leased a warehouse facility from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-year lease term, ...
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