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IFRS 16 Leases at a Glance

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IFRS 16 Leases at a Glance January 2016 Project Summary and Feedback Statement IFRS 16 Leases At a glance Lessees Lessors The International Accounting Standards All leases result in a company (the lessee) obtaining the IFRS 16 substantially carries forward the lessor Board (IASB) issued IFRS 16 Leases right to use an asset at the start of the lease and, if lease accounting requirements in IAS 17. Accordingly, a lessor in January 2016. IFRS 16 sets out payments are made over time, also obtaining financing. continues to classify its leases as operating leases or the principles for the recognition, Accordingly, IFRS 16 eliminates the classification of finance leases, and to account for those two types of leases as either operating leases or finance leases as leases differently. measurement, presentation and is required by IAS 17 and, instead, introduces a single disclosure of leases for both parties to a lessee accounting model. Applying that model, a lessee contract, ie the customer (‘lessee’) and is required to recognise: the supplier (‘lessor’). (a) assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is IFRS 16 is effective from 1 January 2019. of low value; and 1 A company can choose to apply IFRS 16 (b) depreciation of lease assets separately from interest before that date but only if it also on lease liabilities in the income statement. applies IFRS 15 Revenue from Contracts with Customers. IFRS 16 completes the IASB’s project to improve the financial reporting of leases. IFRS 16 replaces the previous leases Standard, IAS 17 Leases, and related Interpretations. 1 In this document the term ‘company’ refers to any entity that prepares financial statements applying IFRS. 2 | IFRS 16 Leases | January 2016 The need for change Previous lessee accounting Enhancing disclosures is not enough The significance of the missing information varied by industry and region and between companies. However, IAS 17 focused on identifying when a lease is In 2005, the US Securities and Exchange Commission for many companies, the effect on reported assets and economically similar to purchasing the asset being (SEC) expressed concerns about the lack of transparency financial leverage was substantial. leased (the ‘underlying asset’). of information about lease obligations, reiterating concerns already expressed by investors and others. When a lease was determined to be economically Long-term liabilities of heaviest users of off balance similar to purchasing the underlying asset, the lease Responding to those concerns, the IASB and the sheet leases2 understated by: was classified as a finance lease and reported on a US national standard-setter, the Financial Accounting 27% Africa / Middle East company’s balance sheet. Standards Board (FASB), initiated a project to improve 32% Asia / Pacific the accounting for leases. All other leases were classified as operating leases and 26% Europe not reported on a company’s balance sheet (they were The IASB and the FASB agreed that a customer (lessee) ‘off balance sheet leases’). leasing assets obtains an asset and typically also a 45% Latin America liability at the start of a lease. However, applying Off balance sheet leases were accounted for similarly to 22% North America previous lease accounting requirements, most leasing service contracts, with the company reporting a rental transactions were not reported on a company’s balance expense in the income statement (typically the same The absence of information about leases on the balance sheet; so these assets and liabilities were not recognised. amount in each period of the lease—a so called straight- sheet meant that investors and analysts did not have a line lease expense). Listed companies using IFRS or US GAAP disclosed complete picture of the financial position of a company, almost US$3 trillion of off balance sheet lease and were unable to properly compare companies that commitments in 2014. borrow to buy assets with those that lease assets, without making adjustments. 2 Based on a sample of 1,022 listed companies reporting under IFRS or US GAAP. These companies each have estimated off balance sheet leases of more than US$300 million, calculated on a discounted basis. The percentages represent estimated off balance sheet leases (discounted) compared to long-term liabilities reported on the balance sheet, by region. IFRS 16 Leases | January 2016 | 3 An overview of IFRS 16—what will change? What is a lease? What changes in a company’s balance sheet? IAS 17 IFRS 16 IFRS 16 defines a lease as a contract that conveys to the IFRS 16 eliminates the classification of leases as either customer (‘lessee’) the right to use an asset for a period operating leases or finance leases for a lessee. Instead Finance Operating All of time in exchange for consideration. A company all leases are treated in a similar way to finance leases leases leases assesses whether a contract contains a lease on the basis leases applying IAS 17. Leases are ‘capitalised’ by of whether the customer has the right to control the use recognising the present value of the lease payments Assets --- of an identified asset for a period of time. and showing them either as lease assets (right-of-use assets) or together with property, plant and equipment. ⟰ The requirements relating to the definition of a lease Liabilities $$ --- $$⟰$$$$$⟰⟰ If lease payments are made over time, a company in IFRS 16 have been changed somewhat from those in also recognises a financial liability representing its IAS 17 in response to feedback received. However, those Off balance obligation to make future lease payments. changes are not expected to affect conclusions about sheet rights / --- --- whether contracts contain a lease for the vast majority The most significant effect of the new requirements in obligations $$$$$ of contracts (ie a lease applying IAS 17 is generally IFRS 16 will be an increase in lease assets and financial ⟰⟰ expected to be a lease applying IFRS 16). liabilities. Accordingly, for companies with material Are there any exemptions? off balance sheet leases, there will be a change to key Does IFRS 16 apply to service contracts? Yes. IFRS 16 does not require a company to recognise financial metrics derived from the company’s assets and assets and liabilities for (a) short-term leases (ie leases No. IFRS 16 does not change the accounting for services. liabilities (for example, leverage ratios). of 12 months or less) and (b) leases of low-value assets Although leases and services are often combined in (for example, a lease of a personal computer). a single contract, amounts related to services are not required to be reported on the balance sheet. IFRS 16 is required to be applied only to leases, or lease components of a contract. 4 | IFRS 16 Leases | January 2016 What does IFRS 16 mean for a company’s Are there any implications for cash flows? IAS 17 IFRS 16 income statement? Finance Operating All Changes in accounting requirements do not change For companies with material off balance leases, IFRS 16 leases leases leases amount of cash transferred between the parties to changes the nature of expenses related to those leases. a lease. Revenue x x x IFRS 16 replaces the typical straight-line operating Consequently, IFRS 16 will not have any effect on the lease expense for those leases applying IAS 17 with a Operating total amount of cash flows reported. However, IFRS 16 costs (excluding Single depreciation charge for lease assets (included within --- --- is expected to have an effect on the presentation of cash operating costs) and an interest expense on lease depreciation and expense flows related to former off balance sheet leases. liabilities (included within finance costs). This change amortisation) IFRS 16 is expected to reduce operating cash outflows, aligns the lease expense treatment for all leases. EBITDA Although the depreciation charge is typically even, the with a corresponding increase in financing cash outflows, Depreciation interest expense reduces over the life of the lease as lease compared to the amounts reported applying IAS 17. This and Depreciation --- Depreciation payments are made. This results in a reducing total is because, applying IAS 17, companies presented cash amortisation expense as an individual lease matures. The difference outflows on former off balance sheet leases as operating Operating in the expense profile between IFRS 16 and IAS 17 is activities. In contrast, applying IFRS 16, principal profit expected to be insignificant for many companies holding repayments on all lease liabilities are included within a portfolio of leases that start and end in different Finance costs Interest --- Interest financing activities. Interest payments can also be reporting periods. included within financing activities applying IFRS. Profit before tax IFRS 16 Leases | January 2016 | 5 A thorough and measured approach Off balance sheet lease financing numbers are Particular efforts have been made to undertake substantial. IFRS 16 will significantly improve the outreach activities that enabled a broad range of views Extensive consultation transparency of information about those off balance to be heard. sheet leases. • 2009 Discussion Paper Since 2009, the IASB has undertaken three public The IASB realised that such a big change in accounting, consultations on its proposals and held hundreds of • 2010 Exposure Draft which will affect many companies, requires careful meetings, round tables and other outreach activities. analysis. Consequently, the IASB spent considerable This included extensive discussions with preparers • 2013 Revised Exposure Draft time ensuring that it understood and carefully (both lessors and lessees) and users of financial considered the views of stakeholders. statements, regulators, standard-setters and accounting • More than 1,700 comment letters firms worldwide. In addition, the IASB and the FASB As a result, the IASB proceeded cautiously with the received and analysed established a joint Lease Accounting Working Group project, going well beyond its already extensive due to obtain access to additional practical experience and process requirements.
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