February 2007
Intermediate to advanced
288 pages
6h 32m
English
book
Crash Course in Accounting and Financial Statement Analysis, Second Edition
by Matan Feldman, Arkady Libman
Content preview from Crash Course in Accounting and Financial Statement Analysis, Second Edition
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Operating Leases
Unlike capital leases, which treat the leased equipment as if it were a full purchase, operating leases are treated as if the company rented the PP&E, so operating lease payments are directly expensed on the income statement when they are incurred:
No asset is recorded on the balance sheet.
No liability (lease obligations) is reported on the balance sheet.
Operating leases represent a type of “off-balance-sheet financing.”
For operating leases, lessees are required to disclose minimum annual lease payments for at least the next five years (Exhibit 6.14).
| (In millions) | |
| Year Ended June 30 | Amount |
| 2006 | $ 230 |
| 2007 | 204 |
| 2008 | 167 |
| 2009 | 122 |
| 2010 and thereafter | 310 |
| $1,033 | |
Source: Used with permission. Microsoft 2005 Annual Report.
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