How European Standard Setters See the Proposals: Views from the German Accounting Standards Board
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- Deirdre Jennings
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1 How European Standard Setters See the Proposals: Views from the German Accounting Standards Board Liesel Knorr London, 22 May DRSC e.v /Liesel Knorr/London, 22 May 2009
2 Scope of lease accounting standard Question 1: The boards tentatively decided to base the scope of the proposed new lease accounting standard on the scope of the existing lease accounting standards. Do you agree with this proposed approach? Tentative View GASB: agreement with proposed approach but US-GAAP vs. IFRS differences shall be eliminated (ie: intangible assets should be included in the scope). Question 2: Should the proposed new standard exclude non-core asset leases or shortterm leases? Tentative View GASB: no, non-material leases will be excluded via general materiality approach -2 - DRSC e.v /Liesel Knorr/London, 22 May 2009
3 Approach to Lessee Accounting Question 3: Do you agree with the boards analysis of the rights and obligations, and assets and liabilities arising in a simple lease contract? Tentative View GASB: agreement Question 4: The boards tentatively decided to adopt an approach to lessee accounting that would require the lessee to recognise: (a)an asset representing its right to use the leased item for the lease term (the right-of-use asset) (b)a liability for its obligation to pay rentals. Do you support the proposed approach? Tentative View GASB: yes; however, consequences for other executory contracts? -3 - DRSC e.v /Liesel Knorr/London, 22 May 2009
4 Approach to Lessee Accounting Question 5: The boards tentatively decided not to adopt a components approach to lease contracts. Instead, the boards tentatively decided to adopt an approach whereby the lessee recognises: (a) a single right-of-use asset that includes rights acquired under options (b) a single obligation to pay rentals that includes obligations arising under contingent rental arrangements and residual value guarantees. Do you support this proposed approach? Tentative View GASB: no re options; consistency with other executory contracts? -4 - DRSC e.v /Liesel Knorr/London, 22 May 2009
5 Initial Measurement Question 6: Do you agree with the boards tentative decision to measure the lessee s obligation to pay rentals at the present value of the lease payments discounted using the lessee s incremental borrowing rate? Tentative View GASB: - -; possibly agreement on practical grounds? Question 7: Do you agree with the boards tentative decision to initially measure the lessee s right-of-use asset at cost? Tentative View GASB: agreement -5 - DRSC e.v /Liesel Knorr/London, 22 May 2009
6 Subsequent Measurement Question 8: The boards tentatively decided to adopt an amortised cost-based approach to subsequent measurement of both the obligation to pay rentals and the right-of-use asset. Do you agree with this proposed approach? Tentative View GASB: agreement Question 9: Should a new lease accounting standard permit a lessee to elect to measure its obligation to pay rentals at fair value? Please explain your reasons. Tentative View GASB: no -6 - DRSC e.v /Liesel Knorr/London, 22 May 2009
7 Subsequent Measurement Question 10: Should the lessee be required to revise its obligation to pay rentals to reflect changes in its incremental borrowing rate? If the boards decide to require the obligation to pay rentals to be revised for changes in the incremental borrowing rate, should revision be made at each reporting date or only when there is a change in the estimated cash flows? Tentative View GASB: DRSC e.v /Liesel Knorr/London, 22 May 2009
8 Subsequent Measurement Question 11: In developing their preliminary views the boards decided to specify the required accounting for the obligation to pay rentals. An alternative approach would have been for the boards to require lessees to account for the obligation to pay rentals in accordance with existing guidance for financial liabilities. Do you agree with the proposed approach taken by the boards? Tentative View GASB: -- Question 12: Some board members think that for some leases the decrease in value of the right-of-use asset should be described as rental expense rather than amortisation or depreciation in the income statement. Would you support this approach? Tentative View GASB: no -8 - DRSC e.v /Liesel Knorr/London, 22 May 2009
9 Leases with options Question 13: The boards tentatively decided that the lessee should recognise an obligation to pay rentals for a specified lease term, ie in a 10-year lease with an option to extend for five years, the lessee must decide whether its liability is an obligation to pay 10 or 15 years of rentals. The boards tentatively decided that the lease term should be the most likely lease term. Do you support the proposed approach? Tentative View GASB: no, the lease payments with regard to the optional period or the purchase price does not represent a present obligation against another party and therefore does not qualify as an obligation under IFRS; under existing IFRS: non-financial options would be considered when exercised. The options should be accounted for separately DRSC e.v /Liesel Knorr/London, 22 May 2009
10 Leases with options Question 14: The boards tentatively decided to require reassessment of the lease term at each reporting date on the basis of any new facts or circumstances. Changes in the obligation to pay rentals arising from a reassessment of the lease term should be recognised as an adjustment to the carrying amount of the right-of-use asset. Do you support the proposed approach? Would requiring reassessment of the lease term provide users of financial statements with more relevant information? Tentative View GASB: reassessment should be performed if there is an indication ( triggering event ) that the lease term has changed. Question 15: The boards tentatively concluded that purchase options should be accounted for in the same way as options to extend or terminate the lease. Do you agree with the proposed approach? Tentative View GASB: agreement DRSC e.v /Liesel Knorr/London, 22 May 2009
11 Contingent rentals and residual value guarantees Question 16: The boards propose that the lessee s obligation to pay rentals should include amounts payable under contingent rental arrangements. Do you support the proposed approach? Tentative View GASB: -- Question 17: The IASB tentatively decided that the measurement of the lessee s obligation to pay rentals should include a probability-weighted estimate of contingent rentals payable. The FASB tentatively decided that a lessee should measure contingent rentals on the basis of the most likely rental payment. A lessee would determine the most likely amount by considering the range of possible outcomes. However, this measure would not necessarily equal the probability-weighted sum of the possible outcomes. Which of these approaches to measuring the lessee s obligation to pay rentals do you support? Tentative View GASB: DRSC e.v /Liesel Knorr/London, 22 May 2009
12 Contingent rentals and residual value guarantees Question 19: The boards tentatively decided to require remeasurement of the lessee s obligation to pay rentals for changes in estimated contingent rental payments. Do you support the proposed approach? Tentative View GASB: -- Question 20: The boards discussed two possible approaches to recognising all changes in the lessee s obligation to pay rentals arising from changes in estimated contingent rental payments: (a) recognise any change in the liability in profit or loss (b) recognise any change in the liability as an adjustment to the carrying amount of the right-of-use asset. Which of these two approaches do you support? Tentative View GASB: DRSC e.v /Liesel Knorr/London, 22 May 2009
13 Contingent rentals and residual value guarantees Question 21: The boards tentatively decided that the recognition and measurement requirements for contingent rentals and residual value guarantees should be the same. In particular, the boards tentatively decided not to require residual value guarantees to be separated from the lease contract and accounted for as derivatives. Do you agree with the proposed approach? Tentative View GASB: DRSC e.v /Liesel Knorr/London, 22 May 2009
14 Lessor accounting Not yet discussed Cross cutting issues: Other executory contracts Revenue recognition Derecognition Insurance contracts DRSC e.v /Liesel Knorr/London, 22 May 2009
15 Deutsches Rechnungslegungs Standards Committee e.v. Zimmerstr Berlin Tel Fax info@drsc.de DRSC e.v /Liesel Knorr/London, 22 May 2009
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