Under GASB 87, the identification of a short-term lease hinges entirely on the length of the maximum possible noncancelable
Although trade credit insurers have since the 2007-2009 global financial crisis begun offering special contracts including noncancelable
credit limits on single buyers, insurers still generate most of their revenues from whole turnover policies with cancelable credit limits (Swiss Re, 2014).
The lease term is defined as the noncancelable
period of the lease under ASC 842-10-30-1 together with:
Both Salesforce and NetSuite state in the disclosure notes to their Summaries of Significant Accounting Policies that they currently capitalize sales commissions and amortize them over the noncancelable
terms of customer contracts, but do not provide a detailed breakdown of their cost of revenues.
CXW was awarded a 20-year noncancelable
lease agreement by the State of Kansas in January 2018 to build a 400,000 square foot correctional facility to replace the state's existing facility, indicative of incremental demand and increased creativity on behalf of states to address their correction needs.
The current version also includes a provision that would change how a life insurer handles "deferred acquisition cost" (DAC) expenses, or the cost of acquiring life insurance customers, annuity customers, and purchasers of noncancelable
accident and health contracts.
The menu of optional riders available with the company's new disability product includes a noncancelable
policy rider, an own-occupation definition benefit rider and a catastrophic disability rider.
features can be particularly onerous on borrowers, so they are allowed to enter into a defeasance transaction.
FAS 13 specifies that if one of the following four criteria are met for a noncancelable
lease at the date of the lease agreement, the lease is to be accounted for as a capital lease: (i) the lease transfers ownership of the property to the lessee by the end of the lease term; (ii) the lease contains a bargain purchase option; (iii) the lease term is equal to 75% or more of the estimated economic life of the leased property; and (iv) the present value of the minimum lease payments (excluding executor costs) equals or exceeds 90% of the fair value of the leased property.
Under the 2013 ED, lease term would include all noncancelable
periods and all renewal or termination options in which the lessee has a significant economic incentive to exercise.
Your coverage is Noncancelable
and Guaranteed Renewable to age 65.
Under this proposal, a private company would have the option not to recognize an intangible asset separate from goodwill, unless that asset arises from a noncancelable
contract or other legal right.