CCH Accounting for Leases

CCH Accounting for Leases analyzes FASB Statement No. 13, Accounting for Leases, which was released in November 1976, and the numerous successive Interpretations, Technical Bulletins, and Emerging Issue Task Force consensus issues that have been issued since then. Since Statement 13 s issuance in 1976, the FASB has amended the statement almost 20 times and issued 6 interpretations, 12 technical bulletins, and 4 FASB staff positions (which have taken the place of interpretations and technical bulletins). Further, the Emerging Issues Task Force (EITF) has addressed leasing transactions in over 30 different issues (excluding issues related to consolidations of special-purpose entities). Separately, the SEC staff has periodically made its views known, including through a widely distributed letter in 2005 (reproduced in this publication as Appendix III). This publication delves into the complex nature of the criteria set through defining a lease and determining whether it should be accounted for as a sale/purchase or as an operating lease. CCH Accounting for Leases also includes various interpretations and commentary related to investment tax credits (ITC) in the event ITC is reinstated in the future.