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Bài giảng Management theory and practice Financial: Chapter 15

Cùng tìm hiểu Types of leases; Tax treatment of leases; Effects on financial statements; Lessee’s analysis; Other issues in lease analysis;. được trình bày cụ thể trong "Bài giảng Management theory and practice Financial: Chapter 15". Mời các bạn cùng tìm hiểu để nắm bắt nội dung thông tin tài liệu. | Copyright © 2011 by Nelson Education Ltd. All rights reserved. 15-3 Corporate Valuation and Lease Financing Copyright © 2011 by Nelson Education Ltd. All rights reserved. 15-4 Topics in Chapter Types of leases Tax treatment of leases Effects on financial statements Lessee’s analysis Lessor’s analysis Other issues in lease analysis Copyright © 2011 by Nelson Education Ltd. All rights reserved. 15-5 Who are the two parties to a lease transaction? The lessee, who uses the asset and makes the lease, or rental, payments. The lessor, who owns the asset and receives the rental payments. Note that the lease decision is a financing decision for the lessee and an investment decision for the lessor. Copyright © 2011 by Nelson Education Ltd. All rights reserved. 15-6 What are the five primary lease types? Operating lease Short-term and normally cancelable Maintenance usually included Financial lease Long-term and normally noncancelable Maintenance usually not included Sale and leaseback . | Copyright © 2011 by Nelson Education Ltd. All rights reserved. 15-3 Corporate Valuation and Lease Financing Copyright © 2011 by Nelson Education Ltd. All rights reserved. 15-4 Topics in Chapter Types of leases Tax treatment of leases Effects on financial statements Lessee’s analysis Lessor’s analysis Other issues in lease analysis Copyright © 2011 by Nelson Education Ltd. All rights reserved. 15-5 Who are the two parties to a lease transaction? The lessee, who uses the asset and makes the lease, or rental, payments. The lessor, who owns the asset and receives the rental payments. Note that the lease decision is a financing decision for the lessee and an investment decision for the lessor. Copyright © 2011 by Nelson Education Ltd. All rights reserved. 15-6 What are the five primary lease types? Operating lease Short-term and normally cancelable Maintenance usually included Financial lease Long-term and normally noncancelable Maintenance usually not included Sale and leaseback Combination lease "Synthetic" lease Copyright © 2011 by Nelson Education Ltd. All rights reserved. 15-7 How are leases treated for tax purposes? Leases are reviewed by CRA to determine if they are an actual lease or conditional sale. For an actual lease the full lease payment is deductible. If the lease did not meet the CRA guidelines then the lessee would treat the asset as a purchase and only deduct CCA and the interest portion of the lease payments. Copyright © 2011 by Nelson Education Ltd. All rights reserved. 15-8 How does leasing affect a firm’s balance sheet? For accounting purposes, leases are classified as either capital or operating. Capital leases must be shown directly on the lessee’s balance sheet. Operating leases, sometimes referred to as off-balance sheet financing, must be disclosed in the footnotes. Why are these rules in place? CICA Section 3065 Firms entering a financial lease contract are obligated to make lease payments as if they had signed a loan agreement Fail to make