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