对外财务报告决策7租赁会计_财务管理_经管营销_专业资料

CMA Part 1 外部财务报告决策租赁会计租 赁A lease is a long-term contract in which the owner of property (the lesser) allows another party (the lessee) to use the property for a stated period in exchange for a stated payment.The primary issue is whether the lease agreement transfers substantially all the benefits and risks of ownership of the asset to the lessee. If it does, the lease is classified as a capital lease. If it does not, the lease is classified as an operating lease.租 赁A lease agreement transfers substantially all the benefits and risks of ownership of the asset to the lessee if at least one of the following criteria is met: The lease provides for the transfer of ownership of the leased property. The lease contains a bargain purchase option. A bargain purchase option gives the lessee the right to purchase the leased property for a price lower than its expected fair value at the date the option becomes exercisable. The lease term is 75% or more of the estimated economic life of the leased property. The present value of the minimum lease payments is at least 90% of the fair value of the leased property.融 资 租 赁Capital Lease Lessee AccountingIn a capital lease, the lessor transfers substantially all of the benefits and risks of ownership to the lessee.At the inception of the lease, the lessee recognizes in its financial statements the leased asset (e.g. debit tangible asset) and a lease liability (e.g. credit lease obligation) at an amount equal to the present value of the minimum lease payments.Minimum lease payments are the total amounts of cash that the lessee is expected to pay to the lessor over the lease term. It includes all the rental payments (including non-renewal penalty) plus the amount of residual value (or the minimum rental payments plus the amount of bargain purchase option).融 资 租 赁Capital Lease Lessee AccountingInterest expense is calculated using the effective-interest method. It applies the appropriate interest rate to the carrying amount of the lease obligation at the beginning of each period to calculate interest expense.The leased asset is recognized in the lessees balance sheet. Thus, the lessee must depreciate it and recognize depreciation expense in the income statement. If the lease is capitalized because the lease either transfers ownership to the lessee by the end of the lease term or contains a bargain purchase option, the depreciation of the asset is over its entire estimated economic life. Otherwise, the asset is depreciated over the term of the lease.融 资 租 赁Capital Lease Lessee AccountingOn 31 Dec 2009, a company leases equipment for 5 years with annual lease payment (rental) of $1,000 payable in advance. Assume that the lease constitutes a capital lease.Assume interest rate is 4%. Present value of lease payment is $4,630. Assume straight-line depreciation over useful life with zero residual value.融 资 租 赁Capital Lease Lessee Accounting31-Dec-2009Dr. Property, Plant and Equipment 4,630Cr. Finance lease obligation 4,630Dr. Finance lease obligation 1,000Cr. Cash 1,000融 资 租 赁Capital Lease Lessee Accounting31-Dec-2010Dr. P&L (Interest expense) 145Cr. Finance lease obligation 145Dr. Finance lease obligation 1,000Cr. Cash 1,000Dr. P&L (Depreciation) 926Cr. Property, Plant and Equipment 926融 资 租 赁Capital Lease Lessee Accounting31-Dec-2011Dr. P&L (Interest expense) 111Cr. Finance lease obligation 111Dr. Finance lease obligation 1,000Cr. Cash 1,000Dr. P&L (Depreciation) 926Cr. Property, Plant and Equipment 926融 资 租 赁Capital Lease Lessee Accounting31-Dec-2012Dr. P&L (Interest expense) 75Cr. Finance lease obligation 75Dr. Finance lease obligation 1,000Cr. Cash 1,000Dr. P&L (Depreciation) 926Cr. Property, Plant and Equipment 926融 资 租 赁Capital Lease Lessee Accounting31-Dec-2013Dr. P&L (Interest expense) 39Cr. Finance lease obligation 39Dr. Finance lease obligation 1,000Cr. Cash 1,000Dr. P&L (Depreciation) 926Cr. Property, Plant and Equipment 926融 资 租 赁Capital Lease Lessor AccountingThe lessor removes the leased asset from its financial statements (e.g. credits leased asset) and recognizes a receivable (e.g. debits lease receivable) for the present value of minimum lease payments (cash) to be received.Because the leased asset is removed from the lessors books, no depreciation expense is recognized by the lessor for the leased asset.Interest revenue recognized in the income statement.融 资 租 赁Capital Lease Lessor AccountingJanuary 1, Year 1Dr. Gross lease payments receivable 300,000Cr. Unearned interest income 51,310Cr. Property, plant and equipment 248,690December 31, Year 1Dr. Cash 100,000Cr. Gross lease payments receivable 100,000融 资 租 赁Capital Lease Lessor AccountingDecember 31, Year 1Dr. Unearned interest income 24,869Cr. Finance income 24,869融 资 租 赁Capital Lease Lessor AccountingOn January 1, Year 1, ABC, leased a machine to a company. ABC will receive three annual payments of $100,000 starting on December 31, Year 1. The lease is appropriately accounted for as a direct financing lease.The rate implicit in the lease is 10%. The present value factor for an ordinary annuity at 10% for three periods is 2.4869.经营 性租 赁Operating Lease Lessee AccountingFor operating leases, the lease payments should be recognized as an expense in the income statement over the lease term on a straight-line basis. If rental payments vary from a straight-line basis e.g. if the first month is free, rent expense must be recognized over the full lease term on the straight-line basis.Dr. Rent expense Cr. Cash or rent payable经营 性租 赁Operating Lease Lessee AccountingOn 31 Dec 2009, a company leases equipment for 3 years with annual lease payment (rental) of $1,000 payable in advance.Assume the lease is an operating lease.经营 性租 赁Operating Lease Lessee Accounting31-Dec-2009Dr. Prepaid expense (Asset) 1,000Cr. Cash 1,00031-Dec-2010Dr. Rent expense 1,000Cr. Prepaid expense (Asset) 1,000Dr. Prepaid expense (Asset) 1,000Cr. Cash 1,000经营 性租 赁Operating Lease Lessee AccountingAn operating lease is a form of off-balance-sheet financing. The lessee has the right to use the leased asset, but neither the asset nor a liability for future lease payments is recorded in its financial statements.Lessees may prefer to account for a lease as an operating lease instead of as a capital lease to avoid recognition in the financial statements a liability for future lease payments, interest expense and depreciation of the leased asset.经营 性租