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FAR > Leases > Flashcards

Leases Flashcards

1
Q

What do you capitalise as cost for finance leases?

A

The lower of:

  1. Fair value
  2. Present value of minimum lease payments
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2
Q

Over how long do you depreciate finance lease assets?

A

The lower of:

  1. Useful economic life
  2. Lease term

NOTE if ownership passes, ALWAYS useful economic life!!!

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FAR (7 decks)

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