FINANCIAL DISCLOSURE PROJECT
For this portion of the financial disclosure project, you will need to obtain FedEx Corporation’s financial statements and note disclosures for the fiscal year ended May 31, 2013. Here is a web address for the financial statements:
Note: if the link doesn’t work directly just Google FedEx 2013 annual report
FedEx Corporation, the world’s largest express transportation company, leases much of its aircraft, land, facilities, and equipment. A portion of those leases are part of sale and leaseback arrangements. Using Notes 1, 6 and 7 on leases from the annual report, the disclosure notes describe the company’s handling of gains from those arrangements. Answer the following questions:
1. Why should companies defer gains from sale-leaseback arrangements? Support your answer by using the FASB Codification database. What specific citation(s) identifies the treatment and rationale for gains from sale-leaseback arrangements? Copy and paste the codification citation that supports your answer.
2. Based on the information provided in the disclosure note, determine whether the leases in the leaseback portion of the arrangements are considered by FedEx to be capital leases or operating leases. Explain the difference in accounting treatment. Copy and paste the portion of the financial statements/notes to the financial statements that supports your answer in your response.
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