Agenda Item 5: Leases
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1 Agenda Item 5: João Fonseca, Principal IPSASB Consultative Advisory Group Meeting Kuala Lumpur, Malaysia December 3, 2018 Page 1 Proprietary and Copyrighted Information
2 Agenda Item 5 Objective of Session & Material Presented Agenda Item 5.1 Responses to IPSASB s Exposure Draft (ED) 64, New Strategy to Move the Project Forward and Main Issues on Lease Accounting Agenda Item 5.2 Appendix A: Comparison between Concessionary Loan and Concessionary Lease on the Accounting of the Subsidy Agenda Item 5.3 Appendix B: IPSASB Due Process Checklist Agenda Item 5.4 Appendix C: Links to Other Documents Page 2 Proprietary and Copyrighted Information
3 Overview of ED 64, Single right-of-use model for lease accounting Lessor Retains control of the underlying asset Has a right to receive lease payments Lease Contract Lease Contract Transfers the right to use an underlying asset Transfers cash Lessee Gains control of the right-of-use asset and has an obligation to make lease payments Lease Contract Concessionary leases Lease Contract at below market terms Page 3 Proprietary and Copyrighted Information
4 ED 64: A high level preliminary review of responses Overall support for lessee accounting Lessor accounting and : Lack of a unified view Opposing views on the same issues Different proposals Inconsistent views Page 4 Proprietary and Copyrighted Information
5 New strategy to move project forward IPSASB September 2018 meeting Tentative decision on lessee accounting New project timetable and approach Obtain CAG s views on the project at the December meeting Question for the CAG From a project management perspective, is there any other action in developing the project the IPSASB should consider in the public interest? Page 5 Proprietary and Copyrighted Information
6 Double-counting in ED 64 lessor accounting? ED 64 Continue to recognize and measure the underlying asset according to the applicable IPSAS Recognize a lease receivable and a liability (unearned revenue) Some respondents believe: There is double-counting Double-counting inappropriately grosses up or inflates lessor s statement of financial position Respondents proposed solutions: Offsetting the liability and the underlying asset Impair the underlying asset Page 6 Proprietary and Copyrighted Information
7 Double-counting in ED 64 lessor accounting? Double-counting: Meaning of Doublecounting, Gross and Offset/net ED 64 View: There is no double-counting. Lease Contract A single transaction (economic phenomenon) is recognized or counted more than once. Is an accounting error because it leads to a misrepresentation of financial performance and financial position. Gross and offset / net is related to presentation of elements in the financial statements, and do not give rise to accounting errors Double-counting and gross should not be used interchangeably Control Cashflows Lease Contract Page 7 Proprietary and Copyrighted Information
8 Offsetting? Cash-flows Parties Exposures ED 64 View: No offsetting Impairment of the underlying asset? Assessment according to the applicable IPSAS Impairment or not Page 8 Proprietary and Copyrighted Information
9 Question for the CAG Does the CAG agree with the IPSASB that there is no double-counting in continuing to recognize both the underlying asset and to recognize a debit entry for the lease receivable on one side and a credit entry for the liability (unearned revenue) on the other side? Page 9 Proprietary and Copyrighted Information
10 Recognize the subsidy in a concessionary lease? ED 64 Proposes to recognize the subsidy in a concessionary lease for both lessors and lessees. Some respondents disagree: Cost-benefit reasons Recognize revenue above cash is not conceptually sound Concessionary lease is not comparable to a concessionary loan, especially leases for zero and nominal consideration (no financing element) Page 10 Proprietary and Copyrighted Information
11 Recognize the subsidy in a concessionary lease? Cost exceeds the benefits? Not conceptually sound? Volume and financial significance of non-exchange transactions in the public sector Accountability and decision-making Consistent with accrual basis of accounting Accounts for the full economic value of the lease ED 64 View: Benefits exceed cost Conceptually sound Page 11 Proprietary and Copyrighted Information
12 Economics of the Subsidy Type of Resource Cash In-kind ED 64 View: Comparison between concessionary loans and concessionary leases C o n c. L o a n Interest Rate Price Rightof-use Asset CL oe na cs. e L e a s e Comparable transactions Type of Subsidy Page 12 Proprietary and Copyrighted Information
13 Accounting of the Subsidy Comparison between concessionary loans and concessionary leases ASSET LIABILITY EQUITY DEBIT CREDIT DEBIT CREDIT DEBIT CREDIT EXPENSE REVENUE DEBIT CREDIT DEBIT CREDIT L e s s o r L e n d e r ED 64 View: Comparable accounting Page 13 Proprietary and Copyrighted Information
14 Question for the CAG Does the CAG agree with the IPSASB that the subsidy in a concessionary lease should be recognized in lessors and lessees financial statements? Page 14 Proprietary and Copyrighted Information
15
Agenda Item 5: Leases
Agenda Item 5: Leases João Fonseca Manager, Standards Development and Technical Projects IPSASB Meeting Toronto, Canada December 5 8, 2017 Page 1 Proprietary and Copyrighted Information Agenda Item 5 Leases
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proceed with the proposals in ED 64 for lessee accounting, except for concessionary leases;
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