Index_L

L

Last-12-months reports, 691

Last-in, first-out (LIFO), 204, 212

Leases, 518, 521

Accounting for, 38

Business combinations, accounting for in, 557

Definitions of, 521

Depreciation, 528

Direct financing, 526, 537

Disclosures, 543

Economic life, 520

Extension of, 522, 554

Finance, 520, 523, 528, 543, 544

Government units, 559

Gross investment in, 520

Impairment, 532

Inception of, 520

Initial direct costs, 520, 555

Involving land, 551

Involving land and building, 550

Involving only part of a building, 554

Involving real estate, 550

Involving real estate and equipment, 553

Lessee accounting, 525, 527

Lessee's incremental borrowing rate, 521

Lessor accounting, 525, 532

Leveraged, 526, 540, 561

Minimum lease payments, 521

Money-over-money transactions, 559

Net cash investment in, 521

Noncancelable, 521

Nonrecourse financing, 522, 558

Operating, 522, 523, 527, 532, 543, 544

Penalty, 522

Property, fair value of, 520

Rate implicit in, 522

Refund of tax-exempt debt, accounting for changes, 557

Related parties, 522, 556

Renewal of, 522, 554

Residual value, 522, 559

Sale-leaseback, 522, 541

Involving real estate, 547

Sales-type, 526, 533

Sublease, 559

Term, 521

Termination of, 554

Useful life, 522

Legal capital, 658, 660

Legal obligation, 474

Lessee

Accounting by, 525, 527

Classification of, 523

Disclosures, 543

Lessor

Accounting by, 525, 532

Classification of, 525

Disclosures, 544

Leveraged buyouts, 467

Leveraged leases, 526, 540, 561

Liabilities, 475

Classification of, 83

Current, 74, 83, 474, 475

Noncurrent, 84

Offsetting assets and, 85

Other liabilities, 85

Liability method, 570, 572

LIFO liquidation, 204, 214, 691

LIFO retail, 204, 228

Link-chain, 204, 219

Liquidating dividends, 658, 666

Liquidation of LIFO inventories, 204, 214, 691

Liquidity, 74

Liquidity risk, 187

Litigation, 491

Long-term debt, 500

Convertible, 500, 510

Current maturing portion of, 478

Defeasance, 500, 509

Effective interest method, 500, 504

Induced conversion of, 514

Issued with warrants, 515

Notes and bonds, 499

Issued for cash, 502

Issued for cash and a right, 502

Nominal vs. effective rates, 501

Noncash transactions, 503

Straight-line method, 500, 505

Subject to demand for repayment, 480

Long-term investment, 332

Loss contingencies, 92

Losses, 106, 114

Lower of cost or market, 204, 224