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Statement No. 27 Classification of Renewals or Extensions of Existing Sales-Type or Direct Financing Leases-an amendment of FASB Statement No. 13 STATUS Issue Date: May 1979 Effective Date: For lease agreement renewals and extensions recorded as of September 1, 1979 Affects: Amends FAS 13, paragraphs 6(b)(i), 6(b)(ii), and 17(f)(ii) Affected by: No other pronouncements Other Interpretive Pronouncements: FTB 79-18 FTB 88-1 Abbreviations for Accounting Pronouncements FAS - FASB Statements FIN - FASB Interpretations FTB - FASB Technical Bulletins APB - APB Opinions AIN - AICPA Interpretations ARB - Accounting Research Bulletins CON - FASB Concepts EITF - EITF Issues Q&A - FASB Implementation Guides SUMMARY This Statement modifies FASB Statement No. 13, Accounting for Leases, to require a lessor to classify a renewal or an extension of a sales-type or direct financing lease as a sales-type lease if the lease would otherwise qualify as a sales-type lease and the renewal or extension occurs at or near the end of the lease term. If the renewal or extension occurs at other times during the lease term, the prohibition in Statement No. 13 against classifying the renewal or extension as a sales-type lease continues in effect. Furthermore, this Statement does not affect the classification of a lease that results from a change in the provisions of an existing lease or the accounting for changes in the provisions of a lease if those changes occur during the lease term. Copyright by Financial Accounting Standards Board. All Rights Reserved. Used by Permission. Click Here for Order Information
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