In its 2012 Annual Report, Singapore Airlines, which primarily complies with IFRS, reported the following expected future minimum lease payments (in $ million).
In its 2012 Annual Report filed under U.S. GAAP, United Continental Holdings, which owns United Airlines, reported the following expected future minimum lease payments as of December 31, 2012 (in billions):
1. Assume you were interested in estimating the value of each firms’ liability if these operating leases for aircraft were capitalized. Which of these notes provides more useful information and why?
2. Describe some techniques an analyst could use to determine the annual cash flows for Singapore Airlines that comprise “Later than one year but not later than five years.” Why do the analyst’s assumptions matter for this?
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