Agenda Item 7: Leases Flowcharts
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1 Agenda Item 7: Leases Flowcharts João Fonseca, Manager, Standards Development and Technical Projects IPSASB Meeting Tonto, Canada September 19 22, 2017
2 Lessee General guidance IPSAS Principle: Right-of-use asset is based on the lease liability (cash-flow model) Is it a nmal lease? Right-of-use asset: 100 Initial measurement of the lease liability. (ED 64.30(a)) Lease liability: 100. Interest rate implicit in the lease; Lessee s incremental browing rate. (ED 64.35) Concessionary lease Is it a lease f zero nominal consideration? ED 64 Right-of-use asset Lease liability (ED 64.28) Principle: Right-of-use asset is independent of the lease liability (fair value model) Right-of-use asset: 100 Present value of market lease Lessee s incremental browing rate; (ED 64.34) Lease liability: 80 Lessee s incremental browing rate; (ED 64.38) n-exchange Refer to IPSAS 23 (ED 64.AG47(a)) Revenue liability (unearned revenue) (IPSAS D) Difference between the value of the right-of-use asset and the lease liability (IPSAS D) n-exchange Refer to IPSAS 23 (ED 64.AG46(a)) Right-of-use asset Lease liability (if any) Right-of-use asset: 100 Present value of market lease Lessee s incremental browing rate; (IPSAS 23.43A) Lease liability (if any): 0 Lessee s incremental browing rate; (IPSAS 23.54A)
3 Less General guidance (Option 1 Perfmance obligation approach to the whole economic value of the lease) Principle: Liability (unearned revenue) is based on the lease receivable (cash-flow model) Is it a nmal lease? Concessionary lease Is it a lease f zero nominal consideration? Lease receivable Liability (unearned revenue) (ED 64.73) Lease receivable: 100. Interest rate implicit in the lease. (ED 64.74) Principle: Liability (unearned revenue) is independent of the lease liability (fair value model) Lease receivable: 80 (ED 64.77) Liability (unearned revenue): 100 Initial value of the lease receivable (ED 64.78) Liability (unearned revenue): 100 Present value of market lease (ED 64.79) n-exchange Expense in surplus deficit (ED 64.AG47(b)) 20 Difference between the value of the liability (unearned revenue) and the lease liability (ED 64.47(b)) Refer to relevant international national standard (ED 64.AG46(b))
4 Less General guidance (Option 1(a) Perfmance obligation approach to the exchange of the lease) Principle: Liability (unearned revenue) is based on the lease receivable (cash-flow model) Is it a nmal lease? Concessionary lease Is it a lease f zero nominal consideration? Lease receivable Liability (unearned revenue) (ED 64.73) Lease receivable: 100. Interest rate implicit in the lease. (ED 64.74) Principle: Liability (unearned revenue) is independent of the lease liability (fair value model) Lease receivable: 80 (ED 64.77) Liability (unearned revenue): 100 Initial value of the lease receivable (ED 64.78) Liability (unearned revenue): 80 (ED 64.79) n-exchange Debit Expense Credit Net assets/equity (ED 64.AG47(b)) Debit Expense: 20 Credit Net assets/equity: 20 Difference between the present value of market lease and contractual lease (ED 64.AG47(b)) Refer to relevant international national standard (ED 64.AG46(b))
5 Less General guidance (Option 5 Cash-flow approach to the lease) Principle: Liability (unearned revenue) is based on the lease receivable (cash-flow model) Lease receivable Liability (unearned revenue) (ED 64.73) Lease receivable: 80. Interest rate implicit in the lease. (ED 64.74) Liability (unearned revenue): 80 Initial value of the lease receivable (ED 64.78)
6 Relationship between ED 64 and IPSAS 16, IPSAS 17 and IPSAS 12 New Illustrative Decision Tree in IPSAS 16 Start Current guidance Is the property held f use in the production supply of goods services f administrative purposes? Is the property held f sale in the dinary course of business? Use IPSAS 17, Property, Plant and Equipment (cost revaluation model) Use IPSAS 12, Inventies The property is an investment property. New guidance based on IFRS 16 Use [draft] IPSAS [X] (ED [X]), Leases (Paragraph 65(a)) Cost model Which model is chosen f all investment properties? (Paragraph 39) Lessee Is the property held by the owner by the lessee as a rightof-use asset? Owner Which model is chosen f all investment properties? (Paragraph 39) Cost model Use IPSAS 17, Property, Plant and Equipment (Paragraph 65(b)) Fair value model Use IPSAS 16, Investment Property (Paragraph 42) Fair value model
7
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1 FINANCIAL ACCOUNTING 300 IFRS 16 LEASES PRESCRIBED WORK K B Leith DEPARTMENT ACCOUNTING UP 1. IFRS 16(contained in A Guide through IFRS (July 2016) Read and study IFRS 16 but ignore the following paragraphs: