B) Lessee Financial Statements/Footnotes:
Examine the most recent financial statements (10K) of a company with significant leasing operations as a lessee. Briefly summarize anything you thought was interesting in your review. As one option, many retailers undergo significant leasing operations as lessees as do airline companies. The first link below gives all of the SEC Standard Industrial Codes (SIC). The SIC Codes for public retailing companies range from 5200 through 5990. One way to find the financial statements of these retailers, which are public companies, is to insert the applicable SEC Standard Industrial Code in the second SEC web site below and then click on "Find Companies", which will give you all retailing companies in the related SIC Code.
Is anybody aware of why so many retail companies had to recently correct their financial statements related to accounting errors in their lease accounting? Explain. Please feel free to show the disclosures a retailer made regarding this lease accounting error. Is anybody aware of the key Kuepper's letter here?
The Solution discusses the technical details and footnotes of lessee financial statements.