Wiley GAAP: Financial Statement Disclosure Manual. Joanne M. Flood

Чтение книги онлайн.

Читать онлайн книгу Wiley GAAP: Financial Statement Disclosure Manual - Joanne M. Flood страница 62

Wiley GAAP: Financial Statement Disclosure Manual - Joanne M. Flood

Скачать книгу

ASC 842, Leases (“ASC 842”) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under the new guidance, lessees are required to recognize a lease liability, which represents the discounted obligation to make future minimum lease payments, and a corresponding right‐of‐use asset on the balance sheet. This guidance is effective for the Company beginning in its first quarter of fiscal 2019. The new guidance can be applied using a modified retrospective approach at the beginning of the earliest period presented, or at the beginning of the period in which it is adopted.

      The Company adopted ASC 842 on February 4, 2019 using the modified retrospective approach and will not be restating comparative periods.

      The Company has chosen to apply the transition package of three practical expedients that allow companies not to reassess whether agreements contain leases, the classification of leases, and the capitalization of initial direct costs. The Company has also made an accounting policy election to recognize lease expense for leases with a term of 12 months or less on a straight‐line basis over the lease term and will not recognize any right of use assets or lease liabilities for those leases.

      The Company has completed the implementation of new lease accounting software, and updated its internal controls to address the requirements of the new standard.

      The primary financial statement impact upon adoption will be the recognition, on a discounted basis, of the Company's minimum commitments under noncancellable operating leases as right of use assets and obligations on the consolidated balance sheets. The adoption of ASC 842 results in the recognition of lease‐related assets and liabilities of approximately $620.0 million and $650.0 million, respectively. Preexisting net lease‐related assets and liabilities of approximately $30.0 million have been reclassified as part of the adoption of the new standard, and there is no adjustment to opening retained earnings. The standard is not expected to have a material impact on the Company's net income or cash flows.

      The Company accounts for stock‐based compensation awards issued to nonemployees for services, as prescribed by ASC 718‐10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505‐50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services.

      1 1 See KPMG LLP and Financial Executives Research Foundation, Inc., Disclosure overload and complexity: hidden in plain sight. Available at: http://www.kpmg.com/US.

      2 2 Note: This Codification Topic does not include a Subtopic 45 on presentation requirements.

      Конец ознакомительного фрагмента.

      Текст предоставлен ООО «ЛитРес».

      Прочитайте эту книгу целиком, купив полную легальную версию на ЛитРес.

      Безопасно оплатить книгу можно банковской картой Visa, MasterCard, Maestro, со счета мобильного телефона, с платежного терминала, в салоне МТС или Связной, через PayPal, WebMoney, Яндекс.Деньги, QIWI Кошелек, бонусными картами или другим удобным Вам способом.

/9j/4AAQSkZJRgABAQEBLAEsAAD/7SOGUGhvdG9zaG9wIDMuMAA4QklNBAQAAAAAAA8cAVoAAxsl RxwCAAACAAAAOEJJTQQlAAAAAAAQzc/6fajHvgkFcHaurwXDTjhCSU0EOgAAAAAA5QAAABAAAAAB AAAAAAALcHJpbnRPdXRwdXQAAAAFAAAAAFBzdFNib29sAQAAAABJbnRlZW51bQAAAABJbnRlAAAA AENscm0AAAAPcHJpbnRTaXh0ZWVuQml0Ym9vbAAAAAALcHJpbnRlck5hbWVURVhUAAAAAQAAAAAA D3ByaW50UHJvb2ZTZXR1cE9iamMAAAAMAFAAcgBvAG8AZgAgAFMAZQB0AHUAcAAAAAAACnByb29m U2V0dXAAAAABAAAAAEJsdG5lbnVtAAAADGJ1aWx0aW5Qcm9vZgAAAAlwcm9vZkNNWUsAOEJJTQQ7 AAAAAAItAAAAEAAAAAEAAAAAABJwcmludE91dHB1dE9wdGlvbnMAAAAXAAAAAENwdG5ib29sAAAA AABDbGJyYm9vbAAAAAAAUmdzTWJvb2wAAAAAAENybkNib29sAAAAAABDbnRDYm9vbAAAAAAATGJs c2Jvb2wAAAAAAE5ndHZib29sAAAAAABFbWxEYm9vbAAAAAAASW50cmJvb2wAAAAAAEJja2dPYmpj AAAAAQAAAAAAAFJHQkMAAAADAAAAAFJkICBkb3ViQG/gAAAAAAAAAAAAR3JuIGRvdWJAb+AAAAAA AAAAAABCbCAgZG91YkBv4AAAAAAAAAAAAEJyZFRVbnRGI1JsdAAAAAAAAAAAAAAAAEJsZCBVbnRG I1JsdAAAAAAAAAAAAAAAAFJzbHRVbnRGI1B4bEBywAAAAAAAAAAACnZlY3RvckRhdGFib29sAQAA AABQZ1BzZW51bQAAAABQZ1BzAAAAAFBnUEMAAAAATGVmdFVudEYjUmx0AAAAAAAAAAAAAAAAVG9w IFVudEYjUmx0AAAAAAAAAAAAAAAAU2NsIFVudEYjUHJjQFkAAAAAAAAAAAAQY3JvcFdoZW5Qcmlu dGluZ2Jvb2wAAAAADmNyb3BSZWN0Qm90dG9tbG9uZwAAAAAAAAAMY3JvcFJlY3RMZWZ0bG9uZwAA AAAAAAANY3JvcFJlY3RSaWdodGxvbmcAAAAAAAAAC2Nyb3BSZWN0VG9wbG9uZwAAAAAAOEJJTQPt AAAAAAAQASwAAAABAAEBLAAAAAEAAThCSU0EJgAAAAAADgAAAAAAAAAAAAA/gAAAOEJJTQQNAAAA AAAEAAAAWjhCSU0EGQAAAAAABAAAAB44QklNA/MAAAAAAAkAAAAAAAAAAAEAOEJJTScQAAAAAAAK AAEAAAAAAAAAAThCSU0D9QAAAAAASAAvZmYAAQBsZmYABgAAAAAAAQAvZmYAAQChmZoABgAAAAA

Скачать книгу