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StatementofFinancialAccountingStandardsNo.27FAS27StatusPageFAS27SummaryClassificationofRenewalsorExtensionsofExistingSales-TypeorDirectFinancingLeases(anamendmentofFASBStatementNo.13)May1979FinancialAccountingStandardsBoardoftheFinancialAccountingFoundation401MERRITT7,P.O.BOX5116,NORWALK,CONNECTICUT06856-5116Copyright©1979byFinancialAccountingStandardsBoard.Allrightsreserved.Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted,inanyformorbyanymeans,electronic,mechanical,photocopying,recording,orotherwise,withoutthepriorwrittenpermissionoftheFinancialAccountingStandardsBoard.Page2StatementofFinancialAccountingStandardsNo.27ClassificationofRenewalsorExtensionsofExistingSales-TypeorDirectFinancingLeasesanamendmentofFASBStatementNo.13May1979CONTENTSParagraphNumbersIntroductionandBackgroundInformation...................................................................1–5StandardsofFinancialAccountingandReporting:AmendmentstoFASBStatementNo.13...............................................................6–8EffectiveDateandTransition.....................................................................................9Page3Copyright©1979,FinancialAccountingStandardsBoardNotforredistributionFAS27:ClassificationofRenewalsorExtensionsofExistingSales-TypeorDirectFinancingLeasesanamendmentofFASBStatementNo.13FAS27SummaryThisStatementmodifiesFASBStatementNo.13,AccountingforLeases,torequirealessortoclassifyarenewaloranextensionofasales-typeordirectfinancingleaseasasales-typeleaseiftheleasewouldotherwisequalifyasasales-typeleaseandtherenewalorextensionoccursatorneartheendoftheleaseterm.Iftherenewalorextensionoccursatothertimesduringtheleaseterm,theprohibitioninStatementNo.13againstclassifyingtherenewalorextensionasasales-typeleasecontinuesineffect.Furthermore,thisStatementdoesnotaffecttheclassificationofaleasethatresultsfromachangeintheprovisionsofanexistingleaseortheaccountingforchangesintheprovisionsofaleaseifthosechangesoccurduringtheleaseterm.INTRODUCTIONANDBACKGROUNDINFORMATION1.TheFASBhasbeenaskedtoreconsidertheprovisionofparagraph6(b)(i)ofFASBStatementNo.13,AccountingforLeases,thatstatesarenewaloranextension9ofanexistingsales-typeordirectfinancingleaseshallnotbeclassifiedasasales-typelease;however,ifitqualifiesunderparagraphs7and8,itshallbeclassifiedasadirectfinancinglease.Accordingtofootnote9toparagraph6(b)(i),arenewalorextensionincludesanewleaseunderwhichthelesseecontinuestousethesameproperty.Iftheprovisionsofasales-typeordirectfinancingleasearechanged,therevisedagreementmightbeconsideredanewagreementundertheprovisionsofparagraph9ofStatementNo.13.2.Thosemakingtherequestdescribedabovestatedthatleasesthathavethesamecharacteristicsareclassifiedandaccountedfordifferentlybecauseoftheprohibitioninparagraph6(b)(i)ofFASBStatementNo.13.Theynotedthattheprohibitionagainstclassifyingarenewalorextensionofanexistingsales-typeordirectfinancingleaseisonlyapplicableiftheoriginalleasewasclassifiedasasales-typeordirectfinancingleaseandthesamelesseePage4Copyright©1979,FinancialAccountingStandardsBoardNotforredistributioncontinuestousetheleasedproperty.Ontheotherhand,theprohibitionisnotapplicableiftheoriginalleasewasclassifiedasanoperatingleaseorifthepropertyisleasedtoadifferentlessee.Intheiropinion,differentleaseclassificationandaccountingshouldnotbebasedontheidentityofthelesseeortheclassificationofanoriginalorexistinglease.3.AnExposureDraftofaproposedStatementonClassificationofRenewalsorExtensionsofExistingSales-TypeorDirectFinancingLeaseswasissuedforpubliccommentonFebruary13,1979.TheBoardreceived25lettersofcommentinresponsetotheExposureDraft.4.TheExposureDraftmadeadistinctionbetweenrenewalsorextensionsofexistingsales-typeordirectfinancingleasesthatoccurduringtheleasetermandthosethatoccuratorneartheendoftheleaseterm.Severalrespondentsstatedthatthetimingofarenewaloranextensionofanexistingsales-typeordirectfinancingleaseshouldnotaffecttheclassificationortheaccountingforarevisedorextendedlease.Theysuggestedcompletelyeliminatingtheprohibitionagainstrecordingasecondsaleforrenewalsorextensionsofexistingsales-typeordirectfinancingleases.TheBoardconsideredthatalternativebutconcludedthattheprohibitionagainstrecordingasecondsaleshouldcontinueifarenewalorextensionoccursduringthetermofalease.Inlimitedcircumstances,FASBStatementNo.13recognizespartialsalesofleasedproperty.Inaccountingforasales-typelease,apartialsaleisrecognizedbyincludingonlythepresentvalueoftheminimumleasepaymentsinsalesrevenueandexcludingthepresentvalueoftheunguaranteedresidualvaluefromthecostoftheleasedpropertychargedagainstthatrevenue.RecognitionofpartialsalesunderStatementNo.13isaliberalizationofpriorpracticeinaccountingforleases,whichdidnotpermitrecognitionofpartialsales.ThisStatementextendsthoselimitedcircumstancestocertainrenewalsorextensionsofexistingsales-typeordirectfinancingleasesthatoccuratorneartheendoftheleaseterm.Afurtherextensionofthosecircumstancestopermitrecognitionofapartialsaleforarenewalorextensionthatoccursduringthetermofanexistingl