2018-在向_国际财务报告准则第16号_过渡时_何为企业的最佳选择_（英文版）-2mb

KPMG - IFRS 16 Leases Transition Options Summary

Core Content

IFRS 16 is a new lease accounting standard that became effective for annual reporting periods beginning on or after 1 January 2019. It requires lessees to recognize most leases on the balance sheet, introducing significant changes in financial reporting and accounting practices.

Main Points

1. Transition Options and Trade-offs

• Transition options allow companies to choose how they implement IFRS 16, but they often involve a trade-off between costs of implementation and comparability of financial information.
• Companies can elect practical expedients to simplify the transition process, such as:
  • Applying the new lease definition to all contracts or using a practical expedient to "grandfather" previous lease assessments.
  • Using recognition exemptions for short-term leases (≤12 months) and leases of low-value items (≤USD 5,000).
  • Choosing between retrospective and modified retrospective approaches.

2. Key Impacts of IFRS 16

• Balance sheet impact: Operating leases will now appear on the balance sheet as assets and liabilities, making companies look more asset-rich but also more indebted.
• Profit or loss impact: Lease expenses will be front-loaded, even if cash rentals remain constant, which could affect profit trends and financial ratios.
• New estimates and judgments: Companies must reassess lease terms and related financial metrics at each reporting date, increasing the need for continuous monitoring and analysis.
• Operational and strategic changes: Some companies may reconsider contract terms and business practices to minimize the impact of IFRS 16, affecting departments beyond finance (e.g., legal, tax, IT).

3. Lease Identification

• The new lease definition focuses more on control of the underlying asset.
• Companies can choose to apply the practical expedient to grandfather previous lease assessments, but this must be applied consistently to all contracts.
• Recognition exemptions allow lessees to avoid recognizing lease assets and liabilities for:
  • Short-term leases (≤12 months)
  • Leases of low-value items (≤USD 5,000)

4. Retrospective vs Modified Retrospective Approach

• Retrospective approach:

  • Requires restating prior financial information.
  • Offers the option to grandfather lease definitions.
  • Involves more data collection and analysis, including historical lease terms and discount rates.
  • Not all practical expedients are available under this method.

• Modified retrospective approach:

  • Applies the new standard from the beginning of the current period.
  • Does not restate prior financial information.
  • Offers cost savings but reduces comparability between current and prior financial statements.
  • Allows for additional disclosures to explain differences between IAS 17 and IFRS 16 reporting.

5. Practical Expedients

• Measurement of lease liability: Companies can use current period information to estimate lease liabilities.
• Measurement of right-of-use (ROU) asset: Practical expedients can simplify the calculation of ROU assets.
• Leases of low-value items: These can be exempted from recognition on a lease-by-lease basis.
• Leases previously classified as finance leases: These are now treated under the new model, which may affect existing accounting practices.

6. Other Transition Scenarios

• Lessees and lessors have different accounting models.
• Sub-leases and sale-and-leaseback arrangements are also addressed in the standard.
• Investment property and business combinations are specific areas that may require additional attention during transition.

7. Disclosures

• Under retrospective approach, companies must disclose changes in accounting policy as per IAS 8.
• Under modified retrospective approach, additional disclosures are required to explain differences between IAS 17 and IFRS 16 reporting.

8. Effective Date

• IFRS 16 is effective for annual reporting periods beginning on or after 1 January 2019.
• The date of initial application is the beginning of the first annual reporting period in which the standard is applied.

9. First-time Adoption

• Companies adopting IFRS 16 for the first time must consider:
  • The lease definition and how it applies to their contracts.
  • The modified retrospective approach as the default method.
  • Lease-by-lease practical expedients for specific leases.

10. Next Steps

• Companies should:
  • Discuss transition options with stakeholders.
  • Model different approaches to understand financial impacts.
  • Prepare an inventory of lease data and estimate implementation costs.
  • Develop consistent accounting policies and practices for exemptions and transition methods.

Key Information

• IFRS 16 requires most leases to be recognized on the balance sheet, regardless of classification.
• The practical expedients and recognition exemptions help reduce implementation costs but may affect comparability.
• Retrospective approach is more complex and costly but ensures comparability of financial statements.
• Modified retrospective approach is simpler and less costly, but may reduce comparability over time.
• Companies must evaluate the costs and benefits of each approach and choose the one that best aligns with their financial reporting needs and stakeholder expectations.