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- W775074826 abstract "This article examines the Accounting Standards on lease classification. Global financial tsunami makes bank borrowing difficult. When the US cut interest rates to near zero on Dec 16, 2008, the banks simply refused to respond to rate cuts. To raise funds, transportation companies shift the fund raising options from bank borrowing to equity financing. To attract public investors, companies make promises in the prospectus of not taking risky actions – translate in accounting terms – to maintain a healthy debt-equity ratio. To bypass such promise, management buys assets and creatively classifies the transaction as a lease rather than a purchase. With such classification, management can engage in risky asset investment behavior regardless on the promise made in the prospectus. This article studies the current standards set by the IASB (International Accounting Standards Board) and AASB (Australian Accounting Standard Board) on lease classification. In Australia, before 1983, accounting standards were prepared by the accounting profession and had no legislative backing. Since 1983, the Corporation Law has compulsory required Australian public companies to comply with approved accounting standard. Therefore, a violation of the accounting standards represents a non-compliance of the Corporation Law. The legal consequence makes lease misclassification an important topic for transportation companies." @default.
- W775074826 created "2016-06-24" @default.
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- W775074826 date "2009-08-01" @default.
- W775074826 modified "2023-09-27" @default.
- W775074826 title "Accounting Implications for Lease Classification in Acquiring Transportation Assets" @default.
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