implemented, will require all leases to be capitalized. Therefore, the lessees’ will be required to report an asset and corresponding liability on their balance sheet for all their leases. A further extension of this project would be to research how if this new model for leases is implemented it would impact both the lessees’ and lessors’ financial statements. REFERENCES Kieso, D., Weygandt, J., and Warfield, T. (2010), 13th ed. Hoboken: Intermediate Accounting. John Wiley & Sons, Inc. World Factbook. Retrieved from Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/fields/2053.html Figure 1. US Gross Domestic Product Graph. Adapted from Economy at a Glance: “U.S. Perspective from the BEA Accounts,” 2011. Copyright 2011 by the U.S. Bureau of Economic Analysis. Retrieved from: http://www.bea.gov/newrelease/glance.htm. Figure 2. Figure 2: GDP Growth in Panama 2011. Copyright by ECLAC/CEPAL. – Retrieved from: Airline Industry Outlook Jan 2011 (2011, January 21). Zack’s Equity Research. Retrieved from December 2011 Passenger Airline Employment Rose 2.7 Percent from December 2010. Research and Innovative Technology Administration (RITA)- U.S. Department of Retrieved from Transportation. U.S. Economy at a Glance: Perspective from the BEA Accounts. Bureau of Economic Analysis- Retrieved from: U.S. Department of Commerce. Copa Airlines 2011 Annual Report (Form 20-F). Retrieved from Copa Airlines. Delta Airlines 2011 10-K Annual Report. Retrieved from Delta Airlines. Mohan, Joseph (2012, May 31). Interview by Megan St. Clair [Personal Interview]. Facts about Copa Airlines. (Mohan, Joseph, 2012) 3. Copa Airlines Fleet Composition. Reprinted from Copa Airlines 2011 Annual Report (Form 20-F). Retrieved from Copa Airlines.
implemented, will require all leases to be capitalized. Therefore, the lessees’ will be required to report an asset and corresponding liability on their balance sheet for all their leases. A further extension of this project would be to research how if this new model for leases is implemented it would impact both the lessees’ and lessors’ financial statements. REFERENCES Kieso, D., Weygandt, J., and Warfield, T. (2010), Intermediate Accounting. 13th ed. Hoboken: John Wiley & Sons, Inc. World Factbook. Central Intelligence Agency. Retrieved from https://www.cia.gov/library/publications/the-world-factbook/fields/2053.html Figure 1. US Gross Domestic Product Graph. Adapted from “U.S. Economy at a Glance: Perspective from the BEA Accounts,” 2011. Copyright 2011 by the U.S. Bureau of Economic Analysis. Retrieved from: http://www.bea.gov/newrelease/glance.htm. Figure 2. Figure 2: GDP Growth in Panama – 2011. Copyright by ECLAC/CEPAL. Retrieved from: Airline Industry Outlook Jan 2011 (2011, January 21). Zack’s Equity Research. Retrieved from December 2011 Passenger Airline Employment Rose 2.7 Percent from December 2010. Research and Innovative Technology Administration (RITA)- U.S. Department of Transportation. Retrieved from U.S. Economy at a Glance: Perspective from the BEA Accounts. Bureau of Economic Analysis- U.S. Department of Commerce. Retrieved from: Copa Airlines 2011 Annual Report (Form 20-F). Copa Airlines. Retrieved from Delta Airlines 2011 10-K Annual Report. Delta Airlines. Retrieved from Mohan, Joseph (2012, May 31). Interview by Megan St. Clair [Personal Interview]. Facts about Copa Airlines. (Mohan, Joseph, 2012) 3. Copa Airlines Fleet Composition. Reprinted from Copa Airlines 2011 Annual Report (Form 20-F). Copa Airlines. Retrieved from