leasingsubstanceoverform租赁,实质重于形式.ppt

Leasing Substance over form Lessee only Reasons for off balance sheet finance Emerging importance of SFP Users expectations Levels of debt and gearing risk SSAP 21 / IAS 17 - provisions Finance lease lease which transfers substantially all the risks and rewards of ownership but legal title retained by lessor? Operating lease lease similar to a short term hire of asset with no suggestion of transferral of risks and rewards of ownership to lessee Classification of finance lease Lease transfers ownership of the asset to the lessee at end of lease term The lessee has the option to purchase the asset at a price that is expected to be sufficiently lower than the fair value at he date the option becomes exercisable The lease term is for the major part of the economic life of the asset even if legal title is not transferred if pv of minimum lease payments amounts to substantially all of the fair value of the leased asset (usually at least 90% of the fair value) using the rate implicit in lease Leased assets are of such a specialised nature that only the lessee can use them without major modifications Accounting for leases Determine what type of lease it is If operating lease Record lease payments as expense in income statement and disclose lease commitments for future years If finance lease Record in SFP at net book value = need to calculate depreciation Calculate liability (lease obligation) in payables = calculate finance charge using straight line, sum of digits or actuarial method Identify disclosures Lecture example 1straight line interest Equal interest over life of lease ￡2,000 per annum Lecture example 1Sum of digits method Lecture example 2Actuarial method Lecture example 3 Is it a finance lease or operating lease Fair value = ￡30,000 Pv of minimum lease payments = 6000 + 6000/1.1 + 6000/1.1^2 = 16,413 Pv of min lease payments 90% of fair value = operating lease Annual payment of ￡6,000 in income statement as expense for all three year of lease Disclosu