Problem
1. Is the executory nature of lease contracts important in assessing lease accounting? How have leases been interpreted? Why might non cancellability override the executory nature?
2. Review the evolution of capitalization criteria in lease accounting standards. Why did APE Opinion No. 5 have little impact? What impact has SFAS No. 13 had? Has there been an underlying theme in the development of lease accounting?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.