Lease Identification
The two different types of leases
What are operating and capital leases
The topic/guidance number of the new lease accounting standard
ASC 842 (vs ASC 840)
The specific lease that is included in a general contract
what is an embedded lease
The Xerox machine in the office which the contract says can only be used for SOAR documents
What is not a lease
The year in which ASC 842 takes effect for most public companies
What is the year 2019
The commissions paid to a broker for a lease are called this type of cost
What are initial direct costs
Bonus Round:
The contest usually held at firm conferences
What is "who has the coolest socks" contest
The main change in the new lease accounting standard
What is the recognition of lease assets and liabilities by the lessees for operating leases
The rent based on sales is called this
What is is variable rent
The 2 elements that constitute a lease
What is
Identified asset
control over use of the asset
Bonus Round:
The offices that make up the Triad region
What are Highpoint, Winston-Salem,
Under the new lease accounting guidance ASC 842, what amounts are recognized on the balance sheet:
A) Future minimum lease payments
B) Future minimum lease payments, including payments for renewal periods
C) PV of future minimum lease payments
(*remember 2 trillion!!!)
What is C) PV of future minimum lease payments
the time period for restatement
what is 3 years
the lease of a prior purchase
what is a sales lease back
Bonus Round:
The first part of the mission statement of the firm
What is "we exist to build valuable careers with our people"