11. Ch 21 Lease Acc Lessee

7/27/2019 11. Ch 21 Lease Acc Lessee

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Volume 2


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C H A P T E R 21

ACCOUNTING FOR LEASES

Intermediate Accounting

IFRS Edition

Kieso, Weygandt, and Warfield


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Leasing

Environment

Who are

players?

Advantages of

leasing

Conceptual

nature of a lease

Accounting by

Lessee

Accounting by

Lessor

Special

Accounting

Problems

Capitalization

criteria

Accounting

differences

Finance lease

method

Operatingmethod

Comparison

Residual values

Sales-type

leases

Bargain-

purchase option

Initial direct costs

Current versusnoncurrent

Disclosure

Unresolved

problems

Economics of

leasing

Classification

Direct-financing

method

Operating

method

Accounting for Leases


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Kelompok terbesar peralatan yang disewa terdiri dari:

Technologi informasi,

Transportasi: bus, truk, pesawatBangunan

Lahan atau tanah pertanian

Leaseis kontrak perjanjian antara lessor (pihak yangmenyewakan) and lessee (pihak penyewa), yang memberikanhak kepada lessee untuk menggunakan properti tertentumilik lessor, selama periode waktu tertentu.

The Leasing Environment


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Banks

LO 1

Who Are the Players?


Captive

LeasingIndependents

Credit Suisse

(CHE) Chase (USA)

Barclays (GBR)

Deutsche Bank(DEU)

CNH Capital

(NLD) (for CNHGlobal),

BMW FinancialServices (DEU)(for BMW)

IBM GlobalFinancing (USA)(for IBM)

Market Share44%

30%

26%


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1. 100% pendanaan pada Fixed Rates.

2. Proteksi atas keusangan aset (selalu mendapat asetyang terbaru)

3. Flexibel (perjanjian pembayaran dilakukan jikaperalatan mulai produktif)

4. Mengurangi biaya pendanaan (leasing lebih murahdaripada pembiayaan lain)

5. Keuntungan pajak (PBB, Bea Balik Nama, PPN danleasing menghindari peraturan pajak).

6. Off-Balance-Sheet Financing. (Pembiayaan diluarNeraca untuk operating lease)


LO 1 Expla in the nature, econom ic substance,and advantages of lease transact ions.

Advantages of Leasing


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Capital lease adalah mentransfers seluruh manfaat danresiko kepemilikan properti, lease tidak dapat dibatalkan

(kecuali penalti kontrak) kapitalisasi aset.

Leases yang tidak menstransfer semua benefits and risks

kepemilikan disebut operating leases (sewa biasa).

Ada 2 macam leasing bagi Lessee:1. Capital Lease, 2. Operating Lease


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Operating Lease Capital Lease

Journal Entry:Beban sewa xxx

Cash xxx

Journal Entry:Peralatan yg dilease xxx

Kewajiban Lease xxx

Statement of Financial Accounting Standard No. 13,Accounting for Leases, 1980

AKUNTANSI UNTUK LESSEE


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If lessee mengkapitalisasi lease, lessee mencatat asset andliability secara umum sama dengan present value of therental payments.

Records depreciation on the leased asset.Memperlakukan pembayaran lease sebagai pembayaran

pokok dan bunga.Jika kontrak lease tidak dikapitalisasi, tidak ada aset yangdicatat dan pembayaran diperlakukan sebagai beban sewa.

Accounting by the Lessee

Journal Entries for Capitalized LeaseIllustration 21-2


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For a Finance lease, the IASB has identified four criteria.

1. Mentransfer kepemilikan properti kepada lessee.

2. Memberikan opsi untuk membeli dengan harga khusus.

3. Jangka waktu Lease is formajor part of the economic life of

the asset.


One or moremust be met

forfinancelease

accounting.

4. Present value dari pembayaran lease

minimum (excluding executory costs:

pajak, asuransi, pemeliharaan)substantially all ofnilai wajar aset

yang dilease.


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Lease Agreement Leases tidak terpenuhikriteria diperlakukan

sebagai Operating Leases.


Illustration 21-4

LO 2 Descr ibe the account ing cr i ter ia and proceduresfor c apital iz ing leases by the lessee.


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Capitalization Criteria


Transfer of Ownership Test

Jika lease tsb mengalihkan kepemilikan aktiva kepada lessee,

maka lease dianggap sebagai Finance lease.

Kriteria ini tidak kontroversial dan mudah diterapkan

Bargain-Purchase Option Test

Opsi pembelian dengan harga yang lebih rendah dari nilai

wajar pada saat opsi digunakan.

Awal lease, perbedaan harga opsi dan nilai wajar harus

cukup besar shg realiasi opsi bisa dipastikan secara layak


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Economic Life Test

Lease term is generally considered to be the fixed,

noncancelable term of the lease.

Bargain-renewal option can extend this period.

At the inception of the lease, the difference between the

renewal rental and the expected fair rental must be great

enough to make exercise of the option to renew

reasonably assured.




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Recovery of Investment Test

LO 2


Minimum Lease Payments:

Minimum rental payment Guaranteed residual value

Penalty for failure to renew or extend

Bargain-purchase option

Executory Costs:

Insurance

Maintenance

Taxes

Exclude from PV of

Minimum Lease

Payment Calculation



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AKUNTANSI UNTUK LESSEE

Minimum lease payments (pembayaran lease min):

Minimum rental payment: pembayaran sewa min =pembayaran lease min, kadang mencakup nilai residu yangdijamin, penalti kegagalan, opsi u/ membeli dg harga khusus.

Guaranteed residual value: estimasi nilai wajar dari asetyang dilease pada akhir masa lease dijamin (dibeli) olehlessee atau pihak ketiga

Penalti untuk kegagalan memperpanjang lease: jumlah hutang

yang ditanggung oleh lessee jika perjanjian leasemenyatakan harus diperpanjang tetapi lessse gagalmelakukan perpanjangan.

Opsi untuk membeli dengan harga khusus


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Discount Rate Implicit interest rate (lessors rate)

Incremental borrowing rate (suku bunga pinjamaninkremental yaitu suku bunga awal lease yang harusdikeluarkan oleh lessee untuk meminjam dana untuk

membeli aktiva yang dilease dengan jangka waktu yang

serupa dengan kontrak lease)


Lessee computes the present value of the minimum leasepayments using the implicit interest rate.

In the event it is impracticable to determine the implicit rate,

the lessee should use its incremental borrowing rate.


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Asset and Liability Recorded at the lower of:

1. present value of the minimum lease payments

(excluding executory costs) or

2. fair-market value of the leased asset.

Asset and Liability Accounted for Differently




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Depreciation Period

If lease mentransfers kepemilikan, depresiasi dilakukan

asset selama umur ekonomis aktiva.If lease tidak mentransfer kepemilikan, depresiasi

dilakukan selama masa lease.

Penyusutan menggunakan metode konvensional: garis

lurus, jumlah angka tahun, saldoa menurun, unitproduksi dll


Asset and Liability Accounted for Differently


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E21-1: On January 1, 2011, Adams Corporation signed a 5-yearnoncancelable lease for a machine. The terms of the lease called for

Adams to make annual payments of $9,968 at the beginning of each year,

starting January 1, 2011. The machine has an estimated useful life of 6

years and a $5,000 unguaranteed residual value. Adams uses the

straight-line method of depreciation for all of its plant assets. Adamss

incremental borrowing rate is 10%, and the lessors implicit rate is

unknown (impracticable to determine).

LO 2


Instructions

(a) What type of lease is this? Explain.

(b) Compute the present value of the minimum lease payments.

(c) Prepare all necessary journal entries for Adams for this lease through

January 1, 2012.


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E21-1: What type of lease is this? Explain.


Capitalization Criteria:

1. Transfer of ownership

2. Bargain purchase option3. Lease term for major part of

economic life of leased

property

4. Present value of minimumlease payments

substantially all of FMV of

property

NO

NOLease term 5 yrs.

Economic life 6 yrs.

YES 83.3%

FMV of leased propertyis unknown.

Finance Lease, #3


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Payment $ 9,968

Present value factor (i=10%,n=5) 4.16986

PV of minimum lease payments $41,565

Leased Machine Under Finance Leases 41,565

Lease Liability 41,565Lease Liability 9,968

Cash 9,968

1/1/11 Journal Entries:


E21-1: Compute present value of the minimum lease payments.


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10%

Lease Interest Reduction Lease

Date Payment Expense in Liability Liability

1/1/11 41,565$

1/1/11 9,968$ 9,968$ 31,597

12/31/11 9,968 3,160 6,808 24,789

12/31/12 9,968 2,479 7,489 17,300

12/31/13 9,968 1,730 8,238 9,062

12/31/14 9,968 906 9,062 0


E21-1: Lease Amortization Schedule


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Depreciation Expense 8,313

Accumulated Depreciation 8,313($41,565 5 = $8,313)

Interest Expense 3,160

Interest Payable 3,160($41,565 $9,968) X .10]

12/31/11


E21-1: Journal entries for Adams through Jan. 1, 2012.


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Lease Liability 6,808

Interest Payable 3,160Cash 9,968

1/1/12


E21-1: Journal entries for Adams through Jan. 1, 2012.


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Operating Method

The lessee assigns rent to the periods benefiting from the use of

the asset and ignores, in the accounting, any commitments to

make future payments.

Illustration: Assume Adams accounts for it as an operating

lease. Adams records this payment on January 1, 2011, as

follows.

Rent Expense 9,968

Cash 9,968


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E21-1 Finance Lease Operating

Depreciation Interest Lease

Date Expense Expense Total Expense Diff.

2011 8,313$ 3,160$ 11,473$ 9,968$ 1,505$

2012 8,313 2,479 10,792 9,968 824

2013 8,313 1,730 10,043 9,968 75

2014 8,313 906 9,219 9,968 (749)

2015 8,313 8,313 9,968 (1,655)

41,565$ 8,275$ 49,840$ 49,840$ 0

E21-1: Comparison of Capital Lease with Operating Lease


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Jawaban d)

Beban depresiasi 186,7

Akumulasi depresiasi 186,7

= (10.515-1180) : 50 = 186,7

Jawaban e)

Lease Liability 144.85

Interest Expense 101,15

Cash 250

11. Ch 21 Lease Acc Lessee

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