IFRS 16 Leases - icpau.co.ug 16 Leases .pdf · To what leases does IFRS 16 apply? ... click View >...

IFRS 16 Leases :Nelson Muhumuza Senior Audit Technical Deloitte

© 2016. For information, contact Deloitte Touche Tohmatsu Limited

IFRS 16 Effective 2019

Presentation title[To edit, click View > Slide Master > Slide Master]

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Background

Project history

Joint document: IASB and FASB

JointIASB and FASB

786comment

letters

Introduce a right-of-use concept

Major concernCost and

complexity, measurement,

lessor accounting and scope

March 2009 Discussion

paper

August 2010 1st Exposure draft

May 2013 2nd Exposure

“One of my great ambitions before I die is to fly in an aircraft that is on an airline's balance sheet.” Sir David Tweedie, Chairman, International Accounting Standards Board


3

Joint document: IASB and FASB

IASB and FASB reach differentdecisions on

expense recognition and other areas…

643comment letters

concern:

measurement, lessor accounting

Major concern:

lessor accounting

Carry forward of previous

lessor accounting

May 2013 Exposure draft

January 2016 IFRS 16 issued


In a nutshell What is changing


4


The changesIn a nutshell

Lessee accounting

IAS 17 IFRS 16

Operating lease vs

Finance lease

Right-of-use assetand

Lease liability

Effective date: 1 January 2019 Limited changes to scope of IAS 17

Enhanced guidance on identifying a lease


5

IAS 17 IFRS 16

Lessor accounting

~Operating lease

vsFinance lease

Effective date: 1 January 2019 Limited changes to scope of IAS 17

Enhanced guidance on identifying a lease

~


ScopeTo what leases does IFRS 16 apply?


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To what leases does IFRS 16 apply?


IFRS 16 applies to all leases, except….Scope

… leases of (or rights to):

…subsequent measurement of:

Right-measured at a revalued amount

Licenses of intellectual property by lessorsLessees choice: Intangible assets

licensing agreements for motion picture films, patents etc.


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IFRS 16 applies to all leases, except….

Investment property held by lessees under fair value model

-of-use assets of PPE measured at a revalued amount

Licenses of intellectual property

choice: Intangible

explore for (or use) minerals, oil, natural gas, etc.

biological assets held by lessees

licensing agreements for motion

Service Concession arrangements


Portfolio applicationScope

Lease

Lease Lease

Lease

Lease

Lease

Lease


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Lease

Practical expedient for leases with similar

characteristics


Identifying a leaseWhen do I have a lease


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When do I have a lease


When does a contract contain a lease Definition of a lease

The right to direct the use of the identified

asset

Use of an identified

asset

A contract is, or contains a lease if it meets

• Fulfilment of the lease depends on the use of an

• The contract conveys the right to controlfor a period of time in exchange for consideration.

CONTROLPresentation title

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When does a contract contain a lease

The right to obtain

substantially all of the

economic benefits

A contract is, or contains a lease if it meets both of the following criteria:

Fulfilment of the lease depends on the use of an identified asset; and

control the use of the identified asset for a period of time in exchange for consideration.


New lease accounting standardA synopsis of IFRS 16

Your impact

Company A 2015 R m* Balance sheet Old New Total existing assets 48 511 48 511 Lease assets excl shipping Lease assets for shipping

83 7 508

Total existing liabilities (23 344) (23 344) Lease liabilities excl shipping Lease liabilities for shipping

(83) (7 508)

Income statement Old New Lease payments (232) Low-value/short-term xxx EBITDA (xxx) (xxx) Depreciation xxx Finance cost excl shipping Finance cost for shipping

(8) (751)

Profit before tax xxx xxx *Note we have assumed a discount rate of 10% to estimate the present value of the lease liability and the finance cost in the year of adoption.

Key ratios

EBITDA Net Debt: EBITDAInterest cover Debt:Equity

New disclosures

Flexibility leases provide Sensitivity & risks analysisDeviations from industry practice Increased impact analysis

11Presentation title[To edit, click View > Slide Master > Slide Master]

~

New lease accounting standard

Lessee impact All leases come on balance sheet, except

Lessor impact Mainly unchanged – operating & finance leases

Net Debt: EBITDA

Head lease (FL)

Sublease (FL/OL)

Potential mismatch for subleases

Lessee may require new information around non-lease components

Low-value leases

risks analysis Increased impact analysis

Effective date: 1 January 2019

Discussions to have now Investors & Analysts

Impact on financial report, key ratios and disclosures

Impact on business valuation and free cash multiples

Ability to access desired information Cost of implementation

Lenders Impact of covenants and debt renegotiations

Short-term leases (12 months or less)


The requirements Identifying a lease

Is it a lease?

Identified asset and

A contract that conveys the right to use an asset for a period of time in exchange for consideration


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Right to control the use of an identified

asset

Right to obtain substantially all

economic benefits from use

Right to direct the use

Assessment at inceptionRe-assess only if terms and

conditions of contract changed


A decision treeIdentifying a lease

‘How and for what purpose’ predetermined

Identified asset

Substantially all economic benefits

Lease

Customer can operate the asset without the supplier having the

right to change operating instructions?

OrCustomer designed asset to

predetermine how and for what purpose the asset is used?

Not a lease

NoYes

Fulfilment of the contract depends on the use of an identified asset

The contract conveys the right to control the use of the identified asset


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‘How and for what purpose’ predetermined?

Identified asset?

Substantially all economic benefits?

Customer has right to direct how and for what purpose the

asset is used throughout the period of use?

Not a leaseLease

Yes

No

No

No

No

Yes

Yes

Yes


What to consider…Identified asset

Is it an identified asset?

Portions of assets


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Substantive substitutions

rights


Portions of assetsIdentified asset


Physically distinct portion

e.g. a floor of a building

Example: fibre

optic cable


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identified asset?

Capacity portion

Substantially all of the capacity?

e.g. 100% capacity of 3 specified dark

fibres in a fibre optic cable

e.g. 20% capacity of a fibre optic cable


Substitution rights of supplierIdentified asset

• Does the supplier have the ability to substitute alternative assets?

and• Would the supplier

benefit from exercise of right to substitute?

If customer cannot readily

determine, presume that

supplier does have substantive substitution right

Supplier has a substantive

substitution right

It is not an identified asset

It is

identified asset

Substantive substitution rights


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Substitution rights of supplier

Does the supplier have the practical to substitute alternative assets?

andWould the supplier economically

from exercise of right to

If customer cannot readily

determine, presume that

supplier does nothave substantive substitution right

Supplier does not have a

substantive substitution right

It is an identified asset

an

identified asset

substitution rights


Right to obtain economic benefits

Control the use of the identified asset

Economic benefits within the scope of

rights to useNot the economic benefits

from ownership

Economic benefits over the life of the asset

Substantially all

EXAMPLES:

• Primary output and by• Using asset in commercial

transactions with third parties


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Right to obtain economic benefits


Economic benefits within the scope of

rights to useNot the economic benefits

from ownership

Economic benefits over the life of the asset

Substantially all

EXAMPLES:

Primary output and by-productsUsing asset in commercial transactions with third parties


Right to direct the useControl the use of the identified asset

Are decisions predetermined?

Does the customer have

the right to direct how and for

what purpose the asset is used throughout the period of use?

Does customer have right to

operate the asset without the

supplier having the right to change

operating instructions?

OrDid the customer design the asset to predetermine

how and for what purpose?

NoYes


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customer have the right to direct

what purpose the asset is used throughout the

• Relevant decisions?

• Type, when, where, whether output is produced?

• Decisions determined during and before the period of use?

(this is not about rights to operate and maintain

the asset)


Lease contracts When do I combine contracts or separate components?


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When do I combine contracts or separate


Combining or separating contractsLease contracts

Account for as a single contract

Account for each component separately

Combine two or more contracts

Identify separate lease components


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Combining or separating contracts

Non-lease

Account for each component separately

Account for separately from non-lease

components of a contract

or Elect not to separate

(by class)




Allocation of considerationLease contracts

Contract consideration

Lessee:

Lessor: allocate consideration in accordance with IFRS 15

Component

Component

Lease component: Relative stand-alone priceNon-lease component: Aggregate standIf no observable data, estimate maximising the use of observable information


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allocate consideration in accordance with IFRS 15

Component

Component

Component

alone priceAggregate stand-alone price

If no observable data, estimate maximising the use of observable information


Lease termHow long is the lease for?


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How long is the lease for?


Extension and termination optionsLease term

Option to terminate Non-cancellable period

Reassess significant event or change in circumstances that lessee controls and affects whether exercise ‘reasonably certain’ . Revise: change in non-cancellable period.

Consider all facts and circumstances that create an expected changes:••••

•


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Extension and termination options

Option to extend

Option to terminate

significant event or change in circumstances that lessee controls and affects

‘reasonably certain’

Consider all facts and circumstances that create an economic incentive, including expected changes:

Contractual terms for optional periodsSignificant leasehold improvements Costs of termination and returnImportance to operations (specialised, location, alternatives)Conditionality associated with option


Measurement Lessees: How do I measure the rightuse asset and lease liability?


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Lessees: How do I measure the right- of use asset and lease liability?


Initial measurementMeasurement

At commencement date: recognise rightasset and lease liability

Lease liability

Present value of lease payments

Rate implicit in the lease or Incremental

borrowing rate


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At commencement date: recognise right-of-use asset and lease liability

Right-of-use asset

Cost



Payments made less incentives receivable commencement date

Commencement date

Payments made less incentives received beforecommencement date

Measurement of lease liability

Cost of right-of-

Rate implicit in the lease


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Payments made less incentives receivable aftercommencement date

Measurement of lease liability

-use asset

Discounted at:Rate implicit in the lease or Incremental borrowing rate



Lease liability

Exercise price of

purchase option

(reasonably certain)

Fixed payments

less incentives

Variable payments

(e.g. CPI/rate)

Expected residual value

guarantee

Penalty for terminating

(if reasonably

certain)

NPV =


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Right-of-use asset

Initial direct costs

Payments less

incentives before

commence-ment date

lease liability

Estimated cost for

dismantling restoring

asset


Initial measurement exampleMeasurement

Initial direct costs T1 T2

100 250 300

Lease term:Discount rate:

Present value =Lease liability Right-of-use asset

Lease commenceme

nt date


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T3 T4 T5

350 400 450

5 years5%

Present value 1 494

Lease liability 1 494asset 1 594 (1 494 + 100)


Subsequent measurementMeasurement

YearLease liabilities

Amortisation tablePrincipal Interest Rental

T1 1,494 75 250.00T2 1,319 66 300.00T3 1,085 54 350.00T4 789 39 400.00T5 429 21 450.00

IFRS 16:

Year

AssetsDepreciation table

Openingbalance Amortisation Closing

balanceT1 1,594 319 1,275T2 1,275 319 956T3 956 319 638T4 637 319 319T5 319 319 0.00

IAS 17:(250+300+350+400+450)/5 = 350 p.a.

Lease term:

Discount rate:

Present value =

Lease liability

Right


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Lease term: 5 years

Discount rate: 5%

Present value = 1 494

Lease liability 1 494

Right-of-use asset 1 594 (1 494 + 100)


Subsequent measurement: lease liabilityMeasurement

Time

Expe

nse

prof

ile

Constant periodic rate of interest (P&L- finance cost)


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Subsequent measurement: lease liability

Increase the lease liability to reflect the interest

Decrease the lease liability to reflect payments made


Subsequent measurement: rightMeasurement

Time

Expe

nse

prof

ile (P&L - depreciation)


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Subsequent measurement: right-of-use asset

Apply depreciation requirements in IAS 16

Depreciate over the useful life (taking extension options into consideration)

Impairment under IAS 36


Old standard vs new standard

Measurement

Time

Expe

nse

prof

ile

Interest and depreciation under IFRS 16

Straight-line payments under old standard


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Old standard vs new standard

IFRS 16 results in front-loading of expense

Old standard ‘smoothed’ the impact on P&L


Subsequent measurement (alt): right

Measurement

Time

Sub

sequ

ent

mea

sure

men

t

Fair value


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Subsequent measurement (alt): right-of-use asset

…if right-of-use asset meet the definition of investment property

or

…if right-of-use asset relates to a class of PPE that is measured using the revaluation method

Subsequent measurement is at fair value…


Subsequent measurement: reMeasurement

Original discount rate (unless changes result from floating interest rates) • Residual value guarantees expectation• Payments due to changes in an index or rate (when they take effect)

Revised discount rate if:• Change in the lease term• Significant change in circumstances within the control of the lessee regarding an option to

purchase

Re-measurement of lease liability

Any change in lease liability

leads to an adjustment to the right-of-use asset

Lease liability


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Subsequent measurement: re-assessments

Original discount rate (unless changes result from floating interest rates) if changes in:

Payments due to changes in an index or rate (when they take effect)

Significant change in circumstances within the control of the lessee regarding an option to

If right-of-use asset is reduced to zero, any remaining re-measurement goes to

P&L

Right of use asset


Recognition What exemptions are available


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What exemptions are available


ExemptionsRecognition

Short-term leases (12 months or less)

Accounting policy choice: Apply IFRS 16 or straight

(if applying the exemption: Apply IAS 37 to assess onerous contracts)

Election by class of underlying asset

A lease that contains a purchase option is not a short-term lease


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Accounting policy choice: Apply IFRS 16 or straight-line the expense

(if applying the exemption: Apply IAS 37 to assess onerous contracts)

Election on a lease-by-lease basis

Low-value leases

Assessment on an absolute basis


MeasurementHow will lessees deal with modifications?


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How will lessees deal with modifications?


Lessee modifications Measurement

Has the modification been agreed to by both

parties?

Scope increased by adding the right to use of underlying assets

andIncrease in consideration

is commensurate with stand-alone price for the

increase in scope

Yes


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Do not account for the modification

until it is agreed to

Account for modification as a separate lease

Re-measure the lease liability

(based on increase or decrease in

scope)

No

Yes

No


Lessee modifications Measurement

Account for lease modification by remeasuring the lease liability using the discount rate at

Account for lease modification as a separate lease

Original lease Modification

Only when:• Modification increases scope; and• Consideration is commensurate to

stand-alone price for increase in scope

Modification increases

Corresponding adjustment to right


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Account for lease modification by remeasuring the lease liability using the discount rate at

that date

Modification increases scope

Modification decreases scope

Corresponding adjustment to right-of-

use asset

Decrease right-of-use asset to reflect partial termination and gain/loss to

reflect the decrease in scope


Sale and leasebackHow does it work


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Lessor accountingIFRS 16 vs IAS 17

Lessor accounting largely unchanged

Definition of a lease 1

Enhanced disclosures 2

Main changes are…


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Lessor accounting largely unchanged

Enhanced disclosures

Initial direct costs consistently defined with concepts in IFRS 15

3Additional guidance on subleases 4

Main changes are…


Presentation and disclosure (Lessees)What will the accounts tell me?


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Presentation and disclosure

What will the accounts tell me?


Balance sheet Presentation and disclosure

Balance Sheet 20xx$

Lease assets Xxx

Lease liabilities Xxx

Balance Sheet 20xx$

Property, plant and equipment Xxx

Other liabilities Xxx

OR


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Present separately (except if

investment property)

Present in the line item it would have

been if it was ownedDisclose the line

item in which they are included

OR


Income statement Presentation and disclosure

Income statement

Variable lease payments, re-measurement gains/losses, short term, low value leases

Depreciation

Finance cost

Profit before tax


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20xx$

Xxx

Xxx

Xxx

Xxx

Present interest expense separate from depreciation

(interest is a component of

finance cost under IAS 1)


Presentation and disclosureIn the notes

Investment property leases

Revalued RoU assets (IAS 16)

Lease liabilities

Single note/ separate section


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Financial information• Depreciation by class, interest expense • Low-value or short-term lease expenses (not<1

month)• Variable lease payments• Income from subleases• Total cash flow• RoU asset: additions, carrying amount at end• Gain or losses on sale and leasebacks• Fact: low-value or short-term lease exemption

Revalued RoU asset (IAS 16)• Effective date of revaluation• Whether independent valuation expert involved

Lease liabilities • Separate IFRS 7 maturity analysis

Investment property leases • Some IAS 40 disclosures

Qualitative and quantitative disclosures• Nature of leasing activities,

• Exposure to possible future cash outflows

• Restrictions or covenants

• Sale and leaseback transactions


TransitionHow do I transition from IAS 17 to IFRS 16?Effective from 1 January 2019


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do I transition from IAS 17 to IFRS


Approaches: Lessees Transition

Transition

Full retrospective (as if always

applied)


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Transition

Modified retrospective

Do not restate comparatives

(adjust opening retained earnings)

Specific disclosure requirements


When will this impact accounts?

Effective date

1 Jul 2019

1 Jan 2018

1 Jul 2018

1 Jan 2017

December year-ends:Retrospective application with restatement

June year-ends:Retrospective application with restatement

Entities can elect to apply full retrospective approach or a ‘modified’ retrospective approach with no restatement of comparatives


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When will this impact accounts?

1 Jan 2019

1 Jul 20201 Jul 2019

Retrospective application with restatement

December year-ends:Effective date

June year-ends:Effective date

Entities can elect to apply full retrospective approach or a ‘modified’ retrospective approach with no restatement of comparatives


Definition of a lease – practical expedient Transition

Definition of a lease Not required to reassess, entities are permitted…

Entities can choose to grandfather the definition of all its leases Only apply definition of a lease under IFRS 16 to leases entered into on or after date of

initial application (DIA)


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practical expedient

Not required to reassess, entities are permitted…

…to apply IFRS 16 to contracts previously identified as a lease

…not to apply IFRS 16 to contracts that were not

previously identified as a lease

Entities can choose to grandfather the definition of all its leases Only apply definition of a lease under IFRS 16 to leases entered into on or after date of

initial application (DIA)


Lessees: Modified retrospective approach considerations

Transition (previously operating leases)

Operating lease previously accounted

for as investment property

No transition adjustment required

RoU asset – investment property


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Lessees: Modified retrospective approach – specific Transition (previously operating leases)

Operating lease previously not

accounted for as investment property

Shall account for the right-of-use

asset as investment property going

forward

Measure right-of-use asset at fair

value at DIA

investment property


Lessees: Modified retrospective approach expedient

Transition (Previously operating leases)

Practical expedients

low value assets

initial direct costs

may use hindsight (e.g.

lease term)

lease term of less than 12

months of DIA


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Lessees: Modified retrospective approach – practical Transition (Previously operating leases)

Practical expedients

low value assets

portfolio of leases

onerous contracts

initial direct costs


Lessees: Modified retrospective approach

Transition (previously finance leases)

IAS 17• Carrying

amount of lease asset and lease liability


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Lessees: Modified retrospective approach

Transition (previously finance leases)

IFRS 16 • Carrying

amount of lease liability and right-of use asset


Lessees: Disclosure

Transition

If applying modified

retrospective:

Weighted average

incremental borrowing rate

Explain difference

between IAS 17 commitment disclosed and lease liability recognised


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If applying modified

retrospective:

Explain difference

between IAS 17 commitment disclosed and lease liability recognised

Use of practical expedient


LessorsTransition

•No adjustments

except for:

• Intermediate lessors: reassess subleases classified as operating leases

When operating under IAS 17, but finance

under IFRS 16…


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Intermediate lessors: reassess subleases classified as operating leases

When operating under IAS 17, but finance

under IFRS 16… •Account for sublease as a new finance lease at DIA


Sale and leaseback Transition

Sale and finance lease

Leaseback same as any finance lease

Continue amortising any gain on sale over lease term

Do not reassess whether transfer satisfies IFRS 15 requirements for sale


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Sale and operating lease

Leaseback same as any operating lease

Adjust leaseback RoU asset for any deferred gains or losses relating to off-market terms

Do not reassess whether transfer satisfies IFRS 15 requirements for sale


Amounts recognised in business combinations

Transition

Favourable or unfavourable

terms of operating lease

Derecognise that asset or

liability

Adjust the carrying

amount of the right-ofasset at DIA


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Amounts recognised in business combinations

Favourable or unfavourable

terms of operating lease

Adjust the carrying

amount of the of-use

asset at DIA


SummaryKey judgements, policy choices and exemptions


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judgements, policy choices and


Key judgements, policy choices and exemptions

Summary

Judgement, policy choice or exemption

Judgement: identifying a lease will sometimes require a significant amount of judgement based on the elements of the definition of a lease

Judgement: determining whether it is reasonably certain whether an extension or termination option will be exercised

Judgement: identifying the appropriate rate to discount the lease payments will require significant judgement

Exemption: Short-term leases (by class of asset) or low(lease-by-lease basis)


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policy choice or exemption Topic

a lease will sometimes require a significant amount of judgement based on the elements of the definition of a lease

Identifying a lease

whether it is reasonably certain whether an Lease term

the appropriate rate to discount the lease Incrementalborrowing rate

term leases (by class of asset) or low-value leases Recognition



Summary

Judgement, policy choice or exemption

Policy choice: Full retrospective approach or modified retrospective approach, definition of a lease - choice to grandfather all or not, initial direct cost in measurement of RoU asset - choice lease by lease and other practical expedients on transition

Policy choice: Lessee may elect not to separate non-lease components by class of asset

Policy choice: Lessee may, but is not required to, apply IFRS 16 to leases of intangible assets


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policy choice or exemption Topic

Full retrospective approach or modified retrospective choice to grandfather all or not, initial direct

choice lease by lease and other practical

Transition

-lease components from Components

not required to, apply IFRS 16 to leases of Scope


Wider business considerations internal and external


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Wider business considerations


Internal Wider business considerations

Finance and Tax

Information and systems

Business unit leaders, strategy managers and procurement managers

Internal audit

Legal advisors

Human resources

Acquisitions


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Business unit leaders, strategy managers and procurement


External Wider business considerations

Impact on financial report, key ratios and disclosures

Cost of implementation

InvestorsImpact on financial report, ratio and disclosures


Ability to access desired information

Analysts


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Impact on financial report, ratio and disclosures


Ability to access desired information

Impact of covenants and debt renegotiations

Financiers


US GAAPWhat are the key differences to US GAAP?


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are the key differences


US GAAPKey differences to US GAAP

Lessees of intangible assets may apply new lease standard

Classification

Exemption for low value assets

Balance sheet measurement:

• Lease liability: re-assess inflation-linked payments when payments change

• Depreciation of lease asset

• Right of use asset: option to revalue (IAS 16 and IAS 40)

Income statementPresentation title

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IFRS 16 US GAAP

Single model

(exemption for short term and low value)

Dual model

Operating and finance lease

(exemption for short term)

Typically straight lineTypically increasing for

former off balance sheet leases

Depreciation

Interest

Single expense

No interest


US GAAPKey differences to US GAAP (continued)

Cash flow statement :

• Financing activities

• Investing / operating activities

Sale and leaseback - has a sale occurred?

Sale and leaseback - recognition of gain


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Key differences to US GAAP (continued)IFRS 16 US GAAP

Principal & interest

Interest

Principal & interest

-

• If seller-lessee has substantive repurchase option then no sale

• No other guidance

No sale if:

• Leaseback a finance/sales lease

• Repurchase option unless asset nonspecialised and price is the fair value of the asset on date the option is exercised

• Limited to portion related to residual asset

• Remaining gain: reduction to initial measurement of RoU asset

Recognise in full



Classification of sublease by intermediate lessor

Private companies

Presentation:

• Lease liability

• Lease asset

Lessor accounting - recognition of profit/revenue


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Key differences to US GAAP (continued)

IFRS 16 US GAAP

Reference to RoU asset from head lease

Reference to underlying asset eg PPE

No specific guidance Accounting policy choice: may use a risk-free rate to discount the

lease liability

IAS 1.54-55

Part of PPE or own line

Separate presentation for former off and on balance sheet leases

• Permits recognition of selling profit at commencement of direct financing leases

• Lessor precluded from recognising selling profit/sales revenue at commencement of lease that does not transfer control of the underlying asset



Lessor accounting

Guidance on collectability of lease payments and amounts necessary to satisfy a residual value guarantee


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Key differences to US GAAP (continued)

IFRS 16 US GAAP

Guidance on collectability of lease payments and amounts necessary


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