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Session Unit 8:
31. Non-Current (Long-Term) Liabilities
LOS 31.i: Compare the disclosures relating to finance and operating leases., p291
Footnotes to AFS should disclose:
• General description of the leasing arrangement.
• The nature, timing, and amount of payments to be paid or received in each of the next five
years and beyond 5 five years can be aggregated.
• Amount of lease revenue and expense reported in the income statement for each period
tanties
presented.
• Amounts receivable and unearned revenues from lease arrangements.
• Restrictions imposed by lease agreements.
For lessees, CFAs use the disclosures to estimate the off-balance-sheet liabilities of operating leases.
