Implementing the New Lease Accounting Standard
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- Eustace Ramsey
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1 The public entity 1 adptin deadline fr the new guidance in Accunting Standards Update (ASU) , Leases (Tpic 842) is drawing clser. Implementatin and dcumentatin theref will be a significant undertaking fr entities in all industries. The new guidance requires lessees t recgnize substantially all leases n their balance sheets as lease liabilities with a crrespnding right-f-use (ROU) asset. The ASU maintains the dual mdel fr lessee lease classificatin and expense recgnitin similar t tday s accunting. A lessr s apprach fr classifying leases is substantially similar t tday fr sales-type, direct financing and perating leases. Minimal changes were made t the lessr accunting mdel t align it with changes t the lessee mdel and the new revenue recgnitin standard. See Appendix Table 1 fr a summary f the ASU s changes. Effective Dates Effective Dates Leases ASC 842 ASU Public Entities 1 Annual and interim reprting perids beginning after December 15, 2018 All Others Annual reprting perids beginning after December 15, 2019 Planning Cnsideratins Entities with leases shuld start preparing fr this transitin as sn as pssible. The definitin f a lease has changed, and bth parties t a cntract may need mre resurces t identify existing leases and structure new r existing agreements. Implementatin planning shuld include: Cnsider the implementatin date. The revenue recgnitin standard is effective ne year earlier than ASC 842. Nnpublic entities affected by bth standards, especially lessrs engaged in sale and leaseback transactins, may find it ecnmical and peratinally advantageus t early adpt the leases standard and implement bth standards simultaneusly. Inventry all arrangements within the scpe f the new leases standard and gather required infrmatin. The definitin f a lease determines that ppulatin, and as seen frm the example, entities will want t give themselves adequate time t evaluate agreements against the multipart definitin f a lease. T cmply with the new leases standard, hwever, cmpanies will need t d mre than cnvert their ftnte disclsures fr perating leases t assets and liabilities, and significant manual effrt may be required t gather additinal lease infrmatin and determine cmpleteness f the lease prtfli. Fr example, althugh the data requirements fr measuring perating leases are similar t thse required fr disclsures f tday s perating leases (with the exceptin f discunt rates), lessees may nt have separated lease and nnlease cmpnents f a cntract and allcated cnsideratin paid. Lessees may be accunting fr leases embedded in a service agreement as a single cntract, since their accunting treatment is ften the same, and these agreements may nt be included in existing lease disclsures. Separatin is required under the new standard unless the lessee makes an accunting plicy electin, by 1 A public entity is defined as any ne f these: A public business entity A nt-fr-prfit entity that has issued r is a cnduit bnd bligr fr securities traded, listed r quted n an exchange r ver-the-cunter market An emplyee benefit plan that files r furnishes financial statements t the SEC
2 class f underlying asset, nt t separate lease cmpnents frm nnlease cmpnents, in which case a lessee wuld accunt fr lease and nnlease cmpnents tgether as a single lease cmpnent. Review terms f existing lease cntracts t determine if ptins t extend r nt terminate a lease are reasnably certain. This will be especially imprtant fr related-party leases if the entities are nt cnslidated. Entities als shuld review depreciable lives fr leasehld imprvements fr related-party lease cntracts as they relate t the lease term. Determine if accunting plicy electins and practical expedients are available fr yur entity and if they shuld be adpted: Electin related t the recgnitin f shrt-term leases Electin by lessees nt t separate lease cmpnents frm nnlease cmpnent, by class f underlying asset Electin by lessees t use the risk-free discunt rate fr all leases in lieu f their incremental brrwing rate (available t all entities ther than public business entities) Use f prtflis t apply the lease guidance Electin f transitin relief fr leases that cmmenced prir t the effective date Cnsider the need fr additinal resurces. A lessee needs the same infrmatin t apply bth lease accunting mdels. Hwever, since perating lease ROU assets and liabilities must be presented separately frm finance lease ROU assets and liabilities, systems will need t identify the lease type as well. Existing lease administratin applicatins, ften spreadsheets, may include sme lease infrmatin, but they may nt have the infrmatin necessary fr asset and liability measurement and t cmply with the cmprehensive qualitative and quantitative disclsure requirements. Fr accunting purpses, lessees may be incrprating capital lease assets int their fixed asset sftware, whereas existing perating lease assets are ff the bks. Since lessees will amrtize ROU assets fr perating leases differently than finance leases, the mst affected entities may decide t invest in lease accunting sftware t capture the lease ppulatin and meet the accunting requirements. Educate the readers f the financial statements and evaluate hw financial debt cvenants will be affected. Financial Ratis Lease classificatin affects incme statement recgnitin, equity and certain metrics. Fr lessees that currently have material ff-balance sheet leases, the mst significant effect f the new leases standard will be a grss-up in the balance sheet by increased lease assets and financial liabilities, affecting certain leverage ratis and perfrmance ratis, e.g., interest cverage and return n assets ratis, cmpared with current accunting. See Appendix Table 2 and 3. An entity shuld assess the ptential effect n its financial statements and metrics and evaluate hw this may affect the way stakehlders view its financial psitin and perfrmance. Lessees shuld discuss the new standard with their auditrs and banks/creditrs with cvenants t understand implicatins f implementing the new standard. Under the finance lease classificatin, the decrease in interest expense each year results in an increase in asset amrtizatin each year. Thus, ROU assets and equity will decrease at a faster rate with finance leases than with perating leases. 2
3 Fr certain industries, the new rules may significantly affect an individual lessee s statement f financial psitin by increasing lease-related assets and liabilities, particularly lessees in the retail, financial services, shipping and ther transprtatin-related industries, such as airlines and trucking. The dual mdel limits the effect f the changes n the incme statement and statement f cash flws cmpared t tday s standards. Fr lessees that currently have material ff-balance sheet leases, the mst significant effect f the new standard will be an increase in lease assets and financial liabilities, affecting certain leverage and perfrmance ratis, such as the interest cverage rati. Lessees will amrtize ROU assets fr existing ff-balance sheet leases differently than tday s capital leases, which are ften incrprated int an entity s fixed asset sftware. The mst affected entities may decide t invest in lease accunting sftware and redefine plicies, prcedures and internal cntrls t cmply with the new requirements. Lessr Cnsideratins Althugh lease accunting will nt significantly change fr mst lessrs, lessrs may experience revenue recgnitin changes. Lessrs will need t understand the effect f bth the leases and revenue recgnitin guidance and the effect f the new standards n lessees. A custmer s fcus n the structure, terms and value f the lease may change, and certain lessees may want t negtiate shrter lease terms r discuss variable lease payments, which in turn may cause greater uncertainty in lease revenue. Mutual Talking Pints Frm a balance sheet perspective, lessees will experience similar effects as if they were buying the asset. Lessees may fcus mre n getting the best deal fr their cmpany as ppsed t ensuring the lease qualifies fr perating lease classificatin and expect t wrk mre with lessrs fr favrable terms and cst savings. In additin, lessees may need assistance in the allcatin f cnsideratin between the lease and nnlease cmpnents, with a desire t minimize the financial statement effect. Determining whether a new cntract cntains r is a lease is the same regardless f the lease classificatin utcme. Frm an peratinal perspective, lessees will still face lease versus buy decisins, and mst f the classic benefits f leasing remain intact. These benefits generally include cnvenience such as equipment upgrades r add-ns, service and matching f payments t cash flw needs, including flexible terms and structures such as extended payment ptins, ptential lw-cst financing cmpared t a lan and residual risk transfer (aviding wnership f bslete equipment). Frm a financial statement perspective, the amunt a lessee is required t capitalize under an perating lease (present value f minimum lease payments) is expected t be lwer than the capitalized cst f purchasing an asset, and the lease liability is nndebt. We dn t expect lessees in general t have a change in their lease versus buy decisins due t the new leases standard. The amunt a lessee is required t capitalize under an perating lease (present value f minimum lease payments) is expected t be lwer than the capitalized cst f purchasing an asset, the lease liability is nndebt, and many f the benefits f leasing remain intact. Parties t sale and leaseback transactins will wrk clsely tgether t ensure a sale ccurs cnsidering revenue recgnitin guidance and the new leases guidance. In summary, entities will want t identify new lease infrmatin requirements, including additinal qualitative and quantitative disclsures, and cmpare these t existing prcesses, plicies, cntrls and system infrmatingathering capabilities. A lessee needs the same infrmatin t apply bth lease accunting mdels under the new standard. This will entail develping cnsistent prcesses arund judgments and estimates necessary t evaluate 3
4 whether an arrangement cntains a lease, separate lease and nnlease cmpnents f a cntract and determine lease payments t be capitalized, the lease term and the discunt rate. Prcesses and systems will need t capture events that require reassessments and/r when entities shuld reallcate the cnsideratin in a cntract upn a cntract mdificatin nt accunted fr as a new, separate cntract. Entities can then develp a plan t fill any gaps and implement new prcesses, plicies, cntrls and systems t capture pertinent lease data and cmply with the new requirements. Cntributr Cnnie Spinelli, CPA 4
5 Appendix Table 1 Cmparisn f Current & New Lease Accunting Lessee Accunting Cmparisn f Accunting fr Financing Leases Legacy GAAP (Capital Leases) ASU (Finance Leases) Balance Sheet Recgnitin Lease assets and liabilities n balance sheet Exemptin fr shrt-term leases N Measurement Lease liabilities measured n a discunted basis * Initial lease asset = lease liability Amrtizatin f lease asset Generally n a straight-line basis Generally n a straight-line basis Presentatin Lease assets Presented separately frm wned assets, r presented tgether with the crrespnding underlying assets as if they were wned, with disclsure f the line items that cntain the capital lease assets and their amunts Presented separately frm wned assets, r presented tgether with the crrespnding underlying assets as if they were wned, with disclsure f the line items that cntain the finance lease ROU assets and their amunts Lease liabilities Presented separately frm ther liabilities, r tgether with ther liabilities with disclsure f the balance sheet line items that include the capital lease liabilities and their amunts Presented separately frm ther liabilities, r tgether with ther liabilities with disclsure f the balance sheet line items that include the finance lease liabilities and their amunts 5
6 Incme Statement Lease-related csts Amrtizatin f lease assets and lease-related interest expense presented separately Cash Flws Amrtizatin f finance lease ROU assets and lease-related interest expense presented separately Operating activities Financing activities Cash payment fr the interest prtin f the lease liability Cash payments fr principal prtin f the lease liability * Lease liabilities initially recgnized at the present value f lease payments Lessee Accunting Cmparisn f Accunting fr Operating Leases Legacy GAAP ASU Balance Sheet Recgnitin Lease asset and liabilities n the balance sheet N Exemptin fr shrt-term leases Measurement Lease liabilities measured n a discunted basis* * Initial lease asset = lease liability Subsequent measurement f lease asset Peridic amrtizatin f the asset typically increases with time** Presentatin Operating lease ROU assets Presented separately frm finance lease ROU assets with disclsure f related balance sheet line items that include the perating lease assets Lease liabilities Presented separately frm finance lease liabilities Incme Statement Lease-related csts Single lease r rent expense, generally straight line 6
7 Cash Flw Statement Operating activities Cash payments fr lease payments * Lease liabilities initially recgnized at the present value f lease payments ** On a peridic basis, lessees measure lease assets at an amunt that achieves the recgnitin f a single lease expense typically n a straight-line basis Table 2 Example f Effect f Placing Existing Operating Leases n the Financial Statements Balance Sheet Current GAAP ASU Ttal Current Assets 33,000 33,000 Other 25,000 25,000 Finance Lease Assets 2,200 2,200 ROU Assets 20,500 Prperty, Plant & Equipment 67,000 67,000 Ttal Nncurrent Assets 94, ,700 Ttal Assets 127, ,700 Current Maturities f Lng-Term Debt & Finance Leases 1,700 1,700 Current Maturities f Operating Leases 5,000 Other Current Liabilities 55,000 55,000 Ttal Current Liabilities 56,700 61,700 Finance Lease Liabilities 1,200 1,200 Operating Lease Liabilities 15,500 Brrwings 26,000 26,000 Ttal Liabilities 83, ,400 Equity 43,300 43,300 Ttal Liabilities & Equity 127, ,700 7
8 Incme Statement Current GAAP ASU Revenue & Other Incme 175, ,000 Cst f Sales (150,000) (150,000) Grss Prfit 25,000 25,000 Operating Csts ( 11,700) ( 11,700) EBITDA 13,300 13,300 Depreciatin & Amrtizatin (5,300) (5,300) Operating Prfit 8,000 8,000 Net Finance Csts (1,300) (1,300) Prfit Befre Tax 6,700 6,700 Incme Tax (2,200) (2,200) Prfit fr Year 4,500 4,500 Cash Flw Statement Current GAAP ASU Operating Activities 6,300 6,300 Investing Activities (5,200) (5,200) Financing Activities (3,400) (3,400) Ttal Cash Outflw (2,300) (2,300) Leverage Ratis (Cmmn Debt Cvenant Ratis) Ttal Cmmitments (Brrwings plus Lease Liabilities) t EBITDA Interest Cver (EBITDA t Net Finance Csts) Perfrmance Ratis ROCE: Return n Capital Emplyed (perating prfit/(equity + brrwings + lease liabilities)) 11.1% 8.6% 8
9 Table 3 Lease Expense Recgnitin Differences A lessee enters int a three-year lease with annual lease payments at the end f each year in the amunt f $7,000, $8,000 and $9,000 at 8 percent interest. The fllwing table illustrates the difference in accunting under the finance lease and perating lease appraches. All Leases Finance Leases Operating Leases Year Lease Payment Lease Liability (a) ROU Asset (b) Interest Expense Amrtizatin Expense Ttal Expense Lease Expense ROU Asset (c) 0 $20,485 $20,485 $20,485 1 $7,000 15,123 13,657 1,639 6,828 8,467 8,000 14, ,000 8,351 6,828 1,210 6,828 8,044 8,000 7, , ,829 7,483 8, ,000 3,515 20,485 24,000 24,000 (a) Lease liability is reduced by the difference between the lease payment and the interest cst n the lease liability. (b) Amrtized n a straight-line basis. (c) Reduced by the difference between the lease expense and interest cst n the lease liability. 9
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