Leasing
En esta sección se presentan diversos estudios relacionados con los múltiples temas que se desprenden del tratamiento que las Normas Internacionales de Información Financiera (IFRS por su sigla en inglés) le otorgan a los “Leasing”. La presentación de los estudios se estructura en dos categorías. La primera comprende trabajos realizados por Observatorio IFRS, mientras que la segunda categoría se centra en proporcionar bibliografía de interés.
|
Normas Internacionales de Contabilidad e Información Financiera e Interpretaciones que regulan esta área de información: |
||
| IAS 17 | : | Arrendamientos |
| IFRIC 4 | : | Determinación de si un Acuerdo contiene un Arrendamiento |
| SIC 15 | : | Arrendamientos Operativos-Incentivos |
| SIC 27 | : | Evaluación de la Esencia de las Transacciones que Adoptan la Forma Legal de un Arrendamiento |
Referencias bibliográficas de interés:
CÓDIGO: BL - 001
Crosby, N. (2003). Accounting for leases – the problem of rent reviews in capitalising lease liabilities. Journal of Property Investment & Finance. Volumen 21 Issue 2, pp.79 – 108.
Abstract
In 1996, an International Accounting Standards Committee (IASC) working party suggested that current methods of accounting for leases should be changed and in 1999 this work culminated in a position paper from the UK Accounting Standards Board (ASB) which made a number of suggestions for consultation (ASB, 1999). The paper assumes that the overall thrust of the proposed changes will be accepted and that will mean that occupying lessees will be required to capitalise the liability to pay rent for their lease and place that liability on the balance sheet. It will also require that property owners identify the value of the lease and the residual property value separately. These are by no means the only issues that are raised by the position paper but it is the implications of these two proposals for valuation methodology that is the subject of this paper. The property industry response in the UK to these two proposals is outlined and it shows that a minimalist approach is recommended, which incidentally is the preferred approach of the UK ASB. This paper argues that market valuations should already be carried out by techniques that attempt to identify the different values of the lease and the residual property value. The minimalist approach will replace one missing set of information with a misleading set, meaning that the IASC attempt to improve the ability of accounts to provide a “fair view” of companies will be thwarted. Alternative valuation models should be adopted which accurately appraise the assets and liabilities distributed by the lease and also identify the residual property value. Conventional market valuation approaches do not work in this context.
Disponible en:
http://www.emeraldinsight.com/journals.htm?articleid=845172&show=html
CÓDIGO: BL - 002
Goodacre, A. (2003). Assessing the potential impact of lease accounting reform: a review of the empirical evidence. Journal of Property Research Volume 20, Issue 1, 2003.
Abstract
Accounting standard-setters have proposed that the right to use assets (including land and buildings) acquired under operating lease contracts should be recognized on the balance sheet of lessee companies. In recent years, several empirical research studies have investigated the potential impact of the proposed changes in accounting for leases. The current paper reviews this work and presents some new evidence, for a property audience. It summarizes evidence that operating leases represent a major source of finance for many companies generally, and more specifically for companies in the retail sector. Recognition of operating leases on the lessee's balance sheet would have a significant impact on performance measures, especially gearing. If markets are informationally "efficient' such changes should have little impact. However, research evidence on efficiency with respect to lease accounting information is mixed. What's more, company managers do not believe that the market is efficient so are likely to behave as if the markets are "inefficient'. Possible reactions include reduced use of leasing, shorter lease contract terms, more break clauses, or increased use of contingent rental agreements. It seems likely that lessors will be under pressure to bear greater risks.
Disponible en:
http://www.tandfonline.com/doi/abs/10.1080/0959991032000051962
CÓDIGO: BL - 003
Goodacre, A. (2003). Operating lease finance in the UK retail sector. The International Review of Retail, Distribution and Consumer Research. Volume 13, Issue 1, 2003.
Abstract
The paper documents the importance of leasing in the UK retail sector and estimates the potential balance sheet impact of new accounting proposals to bring all leases onto lessees' balance sheets. Off-balance sheet operating leases are shown to be a major source of finance, and far more important (3.3 times higher) than on-balance sheet long-term debt; by contrast, finance leases are immaterial. Operating leased assets, the major part of which is ‘land and buildings' (98%), represent a significant proportion (28%) of reported total assets. Capitalization of operating leases would have a major impact on nine key performance ratios and would alter the ranking of companies markedly. The findings suggest that operating leases need careful consideration is estimating retailers’ financial risk, in comparing cross-national performance and in research studies of capital structure decisions.
Disponible en:
http://www.tandfonline.com/doi/abs/10.1080/0959396032000065373
CÓDIGO: BL - 004
Grossman, A. y Grossman, S. (2010). Capitalizing Lease Payments: Potential Effects of the FASB/IASB Plan. The CPA Journal. Volumen 80 (5), pp. 6-11.
Abstract
If the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issue a standard on accounting for leases that sharply curtails the suitable applicability of operating leases, many companies will be required to convert their operating leases to capital leases. Such a conversion would have an effect on both current and total liabilities for companies currently reporting wouldbe capital leases as operating leases. Of the top 200 companies of the Fortune 500 list for 2009, 91 were chosen for study. Without discounting, 60 of the companies would have increased their current liabilities by less than 5%, but 21 would have increased them by at least 10%. With discounting, 70 of the companies would have effects of less than 5% for current liabilities, but 13 would have increases of at least 10%; for total liabilities, the effect was less than 5% for 50 companies but at least 10% for 29 companies. These increases could have important implications for financial analysis.
Disponible en:
CÓDIGO: BL - 005
Tiso, L. and McConnell, M. (2010). Lease accounting: Anticipating the new standard. Corporate Real Estate Journal. Volume 1, Number 1, pp. 43-52.
Abstract
With the overhaul of global lease accounting standards imminent, corporate real estate (CRE) and other senior executives face a myriad of resultant pre-implementation and post-implementation issues. This paper is intended to address the implications of the new standard from the tenant perspective. In particular, issues arising for companies which lease commercial real estate strategically and follow US Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS) will be discussed. Both the initial transition to the new standard and the ongoing maintenance of reporting lease obligations in the future will require changes to CRE decision making and processes in collaboration and communication with both internal and external stakeholders.
Disponible en: