I swear, leases, is one of the worst chapters in accounting. Reading 40 pages of leases in the FRS + suffering from the aftermath of braces tightening = urge to rip my papers, bite off my fingers and pluck out those damn teeth from my mouth.
OH MY GOD. LEASES is driving me NUTS!
Firstly, they have that test to determine if it's operating or capital lease.
Then, they split the test into 5 different categories. Transfer or risk and reward, bargain purchase option, recoverability of investment test, economic life test and specialised nature.
And then they went in depth into each of this test for accounting from the lessee's point of view. In depth, meaning, one page of example of a slight tweak in a factor of each test. And that god damn minimum lease payment in recoverability of investment test has the even more retarded residual value which can actually be divided into Guaranteed RV, UnGRV, and shared RV. Then, another one example of each of these scenarios. WHAT THE FISH WHAT THE FISH.
Okay, that's not the worse, i understand it's good to go in depth.
And then, i flipped over to the next page, after covering all the tests for accounting in lessee's point of view. When I saw the title for the next page, I almost fell off my chair.
Accounting from LessOR's point of view.
OH MY MOTHER.
Then, they went in depth into each of those 5 tests again, for lessOR's point of view. OH MY GOD. REALLY, DOES IT REALLY HAVE TO BE THIS COMPLICATED OH MY GOD.
And finally, when i finished both points of view, i figured this should be the end of leases.
Oh hell no, there's another 2 more types, sales type leases and Sale and Leaseback awaiting me. Oh my mother, how am I gg to finish studying. OH MY GOD.
I recall wenhui asking me what do we study in accounting.
Poof, here's the answer.
I think i'm gg to screw up my accounting this sem, ok not just accounting. I'm gg to screw up ALL my three cores this sem. Crap!
I hate braces tightening. They make me feel like ripping stuff, biting stuff and aimlessly whacking on the keyboard like this entry.
ARGH.