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Because the lease specifies a noncancelable term of 12 months or less, with no extension options that are reasonably certain to be exercised, the lease will be treated as a short-term lease under GASB 87.
Additionally, separate intangible assets that would be recognized under the alternative would be measured at fair value, but if the intangible asset relates to a noncancelable contract, only market participant assumptions about the remaining noncancelable term of the contract would be considered in the fair value measurement.
The term of the lease would be the stated noncancelable term excluding any option periods, except if there is a significant economic incentive for an entity to exercise or not exercise the option.
Private companies that elect the alternative only have to recognize those intangible assets arising from noncancelable contractual terms or those arising from other legal rights.
However, (i) the contract with a supplier has no impact on earnings before the actual sale unless the company decides to hedge the fair value risk for noncancelable, fixed-price, long-term supply contracts; (ii) buying copper futures is covered by SFAS 133 as discussed above; and (iii) shares in the copper company are accounted at fair value, but unrealized gains and losses may or may not appear in earnings (SFAS 115).
Its range of innovative products--such as a 25-year noncancelable warranty for solar arrays--has helped projects win financing even in the wake of the post-2008 credit crunch.
* Negative factors supporting Moody's outlook for the nonprofit health care sector include: high rates of unemployment, lower rates of health care utilization, and increased exposure to governmental payers and self-pay, pressure on all hospital revenue streams including Medicare, Medicaid, commercial payers and philanthropy; increased difficulty containing costs following two years of expense reduction; and ongoing balance sheet pressures due to exposure to bank liquidity facility renewal risk, pension obligations and increased exposure to noncancelable operating leases.
(1) Noncancelable. Also referred to as a "noncan policy," when a policy is noncancelable the insured individual has a right to continue the policy at a set premium up to a specified age.
As a result, most policies are sold on a "noncancelable" or a "guaranteed renewable" basis.
Noncancelable, nonreturnable (NCNR) custom parts are also a cost driver.
However, if available a noncancelable policy is even better than a guaranteed renewable policy.