Crank Posted March 16, 2010 Report Share Posted March 16, 2010 How is a leased vehicle valued on a financial statement? Both the asset and the liability? Any help is appreciated. Thanks Quote Link to comment Share on other sites More sharing options...
fredazcpa Posted March 16, 2010 Report Share Posted March 16, 2010 It Depends if it is considered a purchase under the method you are usuing to prepare the financial statements, then is is recorded and treated just as you purchased the vehicle, there are diferent rules for tax and GAAP. If not a purchase, then it is not on the Balance sheet and is consider off Balance Sheet Finincing and will be discolused in the notes to the financial statement Quote Link to comment Share on other sites More sharing options...
Crank Posted March 16, 2010 Author Report Share Posted March 16, 2010 Thank you. Hmmm, You are jarring my memory. Sounds familiar. Operating vs. capital. Is it safe to assume that most consumer leased vehicles fall under "operating" lease treatment. Im trying to determine if a client was insolvent as of a particular date and struggling with a leased vehicle. Quote Link to comment Share on other sites More sharing options...
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