An objective of SFAS No. 13 is that lessors and lessees should account for leases similarly. Team
Question:
An objective of SFAS No. 13 is that lessors and lessees should account for leases similarly.
Team 1: Argue that a lessee should be able to account for a lease as operating leases while lessors may treat the same lease as a sales- type lease.
Team 2: Argue that if the lessor accounts for a lease as a sales- type lease, the les-see should similarly account for the lease as a capital lease.
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Team 1 Accounting transparency and the Conceptual Framework requires that a companys financial statements reflect its assets liabilities and owners equity as of the balance sheet date as well as its r...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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