In this video, discover the implications of the current changes being made to the rules associated with accounting for leases. How leases are has handled recently changed.
- From 1976 through 2018, … the accounting for leases was among the most deceptive … accounting practices in existence. … For example, in 2016 alone, … these lease accounting standards allowed … publicly traded companies around the world … to avoid reporting three trillion dollars in obligations … under non-cancelable lease contracts. … The lease accounting rules were changed starting in 2019. … Let's discuss the old bad rules, the new better rules, … and the financial statement impact of both. … Now, before we go any further, … let's define what we mean by a lease. … A lease is a contract specifying the terms … under which the owner of some property … transfers the right to use the property to someone else, … without transferring legal ownership. … Here's an example. … Let's say that I am a package delivery company, like FedEx. … I need the use of an airport warehouse … for the next 10 years. … Rather than buying the warehouse from its legal owner, … I can lease the warehouse under a contract …
- Accounting basics
- Reviewing the balance sheet and income statement
- Credits, debits, and journal entries
- Making financial statements
- Issues in financial accounting
- Revenue recognition
- Deferring taxes
- Analyzing financial statements
Skill Level Beginner
Accounting Foundations: Internal Controlswith Kay Stice1h 46m Intermediate
Cost Accounting: Analyzing Product Profitabilitywith Rudolph Rosenberg56m 49s Intermediate
Why financial accounting?1m 13s
1. Accounting Basics
The accounting equation3m 37s
2. The Financial Statement
3. The Mechanics of Accounting
4. Current Issues in Financial Accounting
5. Financial Statement Analysis
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