The negative impact of the tax hikes on sentiment will weigh on the willingness of prospective buyers to acquire a residential unit, given that buying a house constitutes one of the most important investment decisions for the Lebanese, and the value of a house is usually the single most important nonfinancial asset
for Lebanese residents," he added.
Durbin continued with a discussion of a new term in GAAP, the "in-substance nonfinancial asset
In the future, a lease will be defined as: a contract that conveys the right to use a nonfinancial asset
(the underlying asset) for a period of time in an exchange or exchange-like transaction.
B) Forward contracts, options, futures, options on futures, swaps, and similar contracts, whether traded on exchanges or not, based on any rate, price, financial asset (including gold, silver, platinum, palladium, copper, or any other metal approved by the Board), nonfinancial asset
, or group of assets, other than a bank-ineligible security, (1) if:
NOTE: This first step is not an accounting requirement for off-balance sheet treatment of a nonfinancial asset
, but it may be a rating agency or investor requirement.
Buying a residential unit constitutes one of the most important investment decisions for the Lebanese, and the value of a house is usually the single most important nonfinancial asset
for resident Lebanese," Ghobril said.
The fair value of a nonfinancial asset
is determined based on the asset's highest and best use, which normally is presumed its current use.
Other new disclosment: ASU 2022-04 requires a reporting entity to include disclosures about when it uses a nonfinancial asset
in a way that differs from its highest and best use when the asset is measured, at fair value or when its fair value In disclosed.
Type of nonfinancial asset
1989 1992 1995 1998 Vehicles 5.
Where a nonfinancial asset
is not involved--for example public accountants provide all accounting services to NFP Organization Z at no charge--Z would debit the fair value of the services to an expense account and credit the same amount to revenue.
Because they enhance a nonfinancial asset
and thus meet the recognition requirements under Statement no.
Overall, the percentage of families in various groups owning some type of nonfinancial asset
changed little between 1992 and 1995.