For a contract that contains a lease component and additional lease and non-lease components, such as the lease of an asset and the provision of a maintenance service, lessees shall allocate the consideration payable on the basis of the relative stand-alone prices, which shall be estimated if observable prices are not readily available. There is only one umbrella for all leases – finance leases. Earlier application is permitted if IFRS 15 Revenue from Contracts with Customers has also been applied. The supplier operates and maintains the ship and is responsible for the safe passage of the cars. As a result, some contracts that do not contain a lease today will meet the definition of a lease under IFRS 16, and vice versa. IFRS 16 requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months and for which the underlying asset is not of low value. [IFRS 16:51, 89], An entity applies IFRS 16 for annual reporting periods beginning on or after 1 January 2019. IFRS 16 specifies how an IFRS reporter will recognise, measure, present and disclose leases. Lease Term and Useful Life of Leasehold Improvements (IFRS 16 Leases and IAS 16 Property, Plant and Equipment)—Agenda Paper 4 The Committee received a request about cancellable or renewable leases. After signing the contract, the customer is not able to direct how and for what purpose the ship is used and does not therefore control the use of the asset. In contrast, in a service contract, the supplier controls the use of any assets used to deliver the service and so there is no right-of-use asset to recognise. For example, if a contract specifies that a customer can only print up to a specified number of pages during the period of use of a printer, the customer considers only the economic benefits arising from use of the printer for those pages, and not beyond. for short-term leases in IFRS 16 is made by class of underlying asset. The supplier has a large supply of similar cars and engines that are available to fulfil the obligations of the arrangement. If a customer cannot readily determine whether a supplier has such a right, it may conclude that a right does not exist. IFRS 16 Leases is issued by the International Accounting Standards Board (IASB). IFRS 16 leases become effective for annual reporting periods starting on or after 1 January 2019 and fully replace IAS 17. AnalysisThe contract does not contain a lease. first-time adopter of IFRS. Leases. In evaluating whether the customer has the right to direct the use of an identified asset, a customer must have the right to direct ‘how and for what purpose’ the asset is used throughout the period of use. ABC, the manufacturing company, needs to adopt the new standard IFRS 16 Leases in the reporting period ending 31 December 2019. It provides IFRS 16 disclosure examples and explanations as a supplement to the September 2017 guide; as such, this supplement is not Identifying a Lease 10 3.1. IFRS 16 leases. At last, IFRS 16 Leases is issued on 13 January 2016 and has a mandatory effective date of 1 January 2019. Currently, this evaluation is based on IFRIC 4; however, IFRS 16 replaces IFRIC 4 with new guidance that differs in some important respects. A customer enters into a contract with a shipping company (the supplier) to transport cars from Tokyo to Singapore. rights to decide the type of output to be produced by the asset(s), rights to decide when the output is produced, rights to decide where the output is produced. Applying the IFRS 16 lease definition retrospectively to all leases could be both challenging and time-consuming. [IFRS 16:B13-14], A capacity portion of an asset is still an identified asset if it is physically distinct (e.g. The project would result in a replacement of IAS 17 Leases. IFRS 16 eliminates the classification of leases as either operating leases or finance leases for a lessee. The lease assets and liabilities are recognized on the statement of financial position, which may result in a significant increase in the amount of assets and liabilities many companies report. Look for solutions that have robust accounting features so that you can handle the complexities of deferred or reduced rents. Under IFRS 16, all leases, excluding those that meet the practical expedient for low-value and short-term leases, if elected, are treated as finance leases. A substantive substitution right exists if the supplier has the practical ability to substitute alternative assets throughout the period of use and the economic benefits of substituting the asset would exceed the cost (or in other words, the supplier would benefit economically from substituting the asset). A contract can be (or contain) a lease only if the underlying asset is ‘identified’. After a slow and tentative start, the OECD’s push for a solution on how to allocate and tax the profits from digital business is gathering momentum. [IFRS 16:38(b), The lease liability is subsequently remeasured to reflect changes in: [IFRS 16:36], The remeasurements are treated as adjustments to the right-of-use asset. Read more on accounting for leases: IFRS 16 - a closer look at separating lease components. In such cases, the customer (ie the lessee) is required to recognise these rights on its balance sheet as a ‘right-of-use’ asset. As a practical expedient, a lessee may elect, by class of underlying asset, not to separate non-lease components from lease components and instead account for all components as a lease. Real estate leases pose many practical accounting challenges for tenants – the This series of insights will help you prepare. 1. In this case, the supplier would only be providing data capacity (ie, a service). Also, all lessees would be affected by the changes in accounting for lease options and contingent rentals. IFRS 16 implications for lessors in the real estate industry PwC 1 IFRS 16, ‘Leases’, will be effective for annual reporting periods beginning on or after 1 January 2019. the lease term (using a revised discount rate); the assessment of a purchase option (using a revised discount rate); the amounts expected to be payable under residual value guarantees (using an unchanged discount rate); or. IFRS question 008: Lease term of cancellable property rentals under IFRS 16. There are many ways that a customer can obtain those economic benefits such as by using, holding or sub-leasing the asset. Licenses of intellectual property granted by a lessor within the scope of IFRS 15; and ... IFRS 16 Leases” released by the International Accounting Standards Board (IASB) in January 2016. AnalysisThe contract does not contain a lease of either rail cars or engines. Determining the lease term 21 4.1. These leases generally meet a short-term need, where longer leases or purchasing the asset The timetable and quantity of goods stipulated are equivalent to the customer having the use of six rail cars for three years. A customer is also not required to perform an exhaustive search to determine if a supplier has a substantive substitution right. This communication contains a general overview of the topic and is current as of June 8, 2016. The assessment of whether a supplier’s substitution right is substantive is based on facts and circumstances present at inception of the contract. IFRS 16 – Leases The new leasing standard released by IASB removes the distinction between finance and operating leases for lessees. Applying the new definition involves three key evaluations, all of which must be met in order to conclude that a contract is or contains a lease. for short-term leases in IFRS 16 is made by class of underlying asset. 4 IFRS 16: Lease accounting Office equipment, such as computers, are based on IFRS 16 ‘low-value assets’. An identified asset is an asset that is either: Even if an asset is explicitly specified, a customer does not have the right to use an identified asset if the supplier has a substantive substitution right throughout the period of use. GTIL does not provide services to clients. For full functionality of this site it is necessary to enable JavaScript. NZ IFRS 16 is a nuanced accounting standard, with various practical complexities to navigate through. The fibre optic strands are identified assets because they are explicitly specified in the contract and are physically distinct from other fibres within the cable. Leases, which are due to become effective for annual periods beginning on or after 1 January 2019. GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. assets) or together with property, plant and equipment. Current status of the project. IFRS 16 requires that almost all leases are reflected on the balance sheet with a corresponding liability. IFRS 16 - Definition of a lease This supplement focuses on the disclosure requirements in IFRS 16 . © 2020 Grant Thornton International Ltd (GTIL) - All rights reserved. On transition to IFRS 16, both lessees and lessors can choose whether to apply the new lease definiton to all of their contracts or apply transitional relief from reassessing whether contracts in place at the date of initial application are, or contain, a lease. [IFRS 16:46A, 46B], A lessee accounts for modifications required by the IBOR reform (modifications required as a direct consequence of the IBOR reform and made on an economically equivalent basis) by updating the effective interest rate. Sign in with LinkedIn to save articles to your bookmarks. The lease assets and liabilities are recognized on the statement of financial position, which may result in a significant increase in the amount of assets and liabilities many companies report. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Managing lease concessions under IFRS 16 requires the right software. Since accounting for leases under IFRS 16 results in substantially all leases being recognised on a lessee’s balance sheet, the evaluation of whether a contract is (or contains) a lease becomes even more important than it is under IAS 17 and IFRIC 4. TMT outlook: Can tech spend buoyancy keep the industry airborne? Identified Asset 13 3.3. The new Standard will affect most companies that report under IFRS and are involved in leasing, and will have a substantial impact on the financial statements of lessees of property and high value equipment. The new standard effectively removes the operating leases classification and requires all lessees to show a lease liability and corresponding right-of-use asset for all leases. The company has just followed IFRS 16 on 1 January 2019. IFRS 16 changes the definition of a lease and provides guidance on how to apply this new definition. These words serve as exceptions. Fundamentally changes how lessees account for operating leases. [IFRS 16:62], Examples of situations that individually or in combination would normally lead to a lease being classified as a finance lease are: [IFRS 16:63], Upon lease commencement, a lessor shall recognise assets held under a finance lease as a receivable at an amount equal to the net investment in the lease. These leases generally meet a short-term need, where longer leases or purchasing the asset Alternative cars and engines are readily available to the supplier and these can be substituted without the customer’s approval, and. [IFRS 16:36(c)], A lessee may elect not to assess whether a COVID-19-related rent concession is a lease modification. Are you ready for IFRS 16? A customer enters into a 10-year contract with a utilities company (the supplier) for the right to use five individually specified, physically distinct fibre-optic strands (fibres) within a larger cable running between New York and London. Trying to keep track of all your expenses and requirements … Under IFRS 16, leases are accounted for based on a ‘right-of-use model’. Under IFRS 16, there is no classification for operating leases and capital leases. If you would like to discuss any of the points raised, please speak to your usual Grant Thornton contact or your local member firm. Scope 7 2.1. IFRS 16 provides an optional exemption for leases of ‘low-value’ assets. ...direct the use of the identified asset throughout the period of use? Operating leases are “off-balance sheet” and lease payments are recognized as an expense over the term of the lease. It changes how you must account for all leased assets, and it comes into operation on 1st January 2019. Having the right to control the use of an identified asset means having the right to direct, and obtain all of the economic benefits from, the use of that asset. Here are the IFRS 16 is explicit on this point to eliminate the possibility that companies might include variable lease payments solely to avoid the arrangement being classified as a lease and therefore lease accounting. Accordingly, the seller only recognises the amount of gain or loss that relates to the rights transferred to the buyer. [IFRS 16:101], The objective of IFRS 16’s disclosures is for information to be provided in the notes that, together with information provided in the statement of financial position, statement of profit or loss and statement of cash flows, gives a basis for users to assess the effect that leases have. Recognition Exemptions 7 3. Under this new standard, companies will recognise new assets and liabilities, bringing added transparency to the balance sheet. Overview IFRS 16 – Leases . This supplement focuses on the disclosure requirements in IFRS 16 . future lease payments resulting from a change in an index or a rate used to determine those payments (using an unchanged discount rate). [IFRS 16:27(b),(c)], Variable lease payments that are not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers payment occurs, unless the costs are included in the carrying amount of another asset under another Standard. The lease contract started on 1 January 2017 and the lease was recognized as operating lease since then. The supplier chooses which rail cars and engines are used for each delivery and therefore directs them. The second evaluation involves determining whether a customer has the right to obtain substantially all of the economic benefits from use of the identified asset throughout the period of use. A portion of an asset is an identified asset if it is physically distinct (eg a single floor of an apartment building). The non-cancellable period for which a lessee has the right to use an underlying asset, plus: a) periods covered by an extension option if exercise of that option by the lessee is reasonably certain; and, b) periods covered by a termination option if the lessee is reasonably certain not to exercise that option. IFRS 16 in a nutshell: Effective January 1, 2019; early adoption is permitted with IFRS 15. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. The model reflects that, at the commencement date, a lessee has a financial obligation to make lease payments to the lessor for its right to use the underlying asset during the lease term. [IFRS 16:13-15]. The rail cars and engines used to transport the customer’s goods are not identified assets. Real estate leases pose many practical accounting challenges for tenants – the underlying asset has a high value, lease terms can be long, discount rates can . banks to media companies. This site uses cookies to provide you with a more responsive and personalised service. Say goodbye to the arm’s length principle. But where should you start? During the preparatory works, ABC discovered that the operating lease contract related to a machine might require some adjustments. IFRS 16 is the new Accounting Standard for Leases, from the International Accounting Standards Board. This communication contains a general overview of the topic and is current as of June 8, 2016. 1.3 Examples of short-term leases currently within central government include some property leases, software licences, specialised equipment and hire cars. The interest rate that yields a present value of (a) the lease payments and (b) the unguaranteed residual value equal to the sum of (i) the fair value of the underlying asset and (ii) any initial direct costs of the lessor. [IFRS 16:9], Control is conveyed where the customer has both the right to direct the identified asset’s use and to obtain substantially all the economic benefits from that use. Relevant Decisions are Pre-Determined 20 4. ...obtain substantially all of the economic benefits from the use of the identified asset throughout the period of use? A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Put simply, if the customer controls the use of an identified asset for a period of time, then the contract contains a lease. Introduction 5 2. Under IFRS 16, all leases, excluding those that meet the practical expedient for low-value and short-term leases, if elected, are treated as finance leases. In this case, the customer will control the asset if the customer has the right to operate the asset throughout the period of use or the customer designed the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. Income statements will be realigned with current … It provides IFRS 16 disclosure examples and explanations as a supplement to the September 2017 guide; as such, this supplement is not Each word should be on a separate line. Example 2: First adoption of IFRS 16 with an existing operating lease. [IFRS 16:B9]. Lessors shall allocate consideration in accordance with IFRS 15 Revenue from Contracts with Customers. They are the ‘big-ticket’ leases that almost every business has, from retailers to . If that rate cannot be readily determined, the lessee shall use their incremental borrowing rate. Otherwise a lease is classified as an operating lease. This means that the customer ignores events that are not likely to occur in future such as: If the supplier has the right or obligation to substitute the asset for repair purposes or to provide routine maintenance services (eg, to allow it to install a technical upgrade that has become available), a customer is not precluded from having the right to use an identified asset. An asset is typically identified by being explicitly specified in a contract, but an asset can also be identified by being implicitly specified at the time it is made available for use by the customer. the supplier having the practical ability to substitute each car and engine throughout the period of use. Project milestones the supplier being able to economically benefit from substituting each car and engine. first-time adopter of IFRS. 3 An entity shall apply this Standard to all leases, including leases of right -of use assets in a sublease, except for: (a) leases to explore for or use minerals, oil, natural gas and similar non- regenerative resources; (b) leases of biological assets within the scope of IAS 41 Agriculture held by a lessee; Lessors are still required to classify leases as either [IFRS 16:71c)], A lessor recognises operating lease payments as income on a straight-line basis or, if more representative of the pattern in which benefit from use of the underlying asset is diminished, another systematic basis. The supplier cannot substitute the fibres for reasons other than repair, maintenance or malfunction. The supplier owns additional fibres both within the same cable and in adjacent cables but can only substitute those for the customer’s strands when performing ongoing maintenance or effecting necessary repairs. IAS 17 was criticized for its lack of transparency of a lessee’s financial leverage and capital employed. The main reason is that under older standard IAS 17, you just accounted for operating leases straight in profit or loss as an expense. • The right-of-use asset is componentized under the same method as owned assets accounted for under IAS 16 – Property, Plant and Equipment. In practice, the main impact will be on contracts that are not in the legal form of a lease but involve the use of a specific asset and therefore might contain a lease – such as outsourcing, contract manufacturing, transportation and power supply agreements. Guidance for lessors remains substantially unchanged from IAS 17. 16) non refundable purchase taxes are a part of cost of PPE, IAS 16 does not apply to initial measurment of leases as leases have to accounted for in accordance with IFRS 16 (IFRS 16 is “special law”), The problem with IFRS 16 is that it does not contain provisions about the impact/treatment of refundable purchase taxes on the initial measurement of ROA. The rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The contract pre-determines how and for what purpose the ship will be used and customer neither operates nor designed the ship. They are the ‘big-ticket’ leases that almost every business has, from retailers to banks to media companies. The International Financial Reporting Standards Foundation is a not-for-profit corporation incorporated in the State of Delaware, United States of America, with the Delaware Division of Companies (file no: 3353113), and is registered as an overseas company in England and Wales (reg no: FC023235). So how can the TMT industry ride out the turbulence and thrive? a lease under IFRS 16 and that the useful life of the extraction equipment is five years. [IFRS 16:30(a)], The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease if that can be readily determined. A sale and leaseback transaction is a popular way for entities to secure long-term financing from substantial property, plant and equipment assets such as land and buildings. GTIL and each member firm is a separate legal entity. Recognises a right-of-use asset is ‘ identified ’ right to direct the use of the liability! 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