Dissertations / Theses on the topic 'IAS 17 Leases'

Leasing har generellt sett varit en attraktiv finansieringsmetod för företag att erhålla de tillgångar som krävs för att kunna konkurrera inom sin bransch. Med IAS 17 kan leasingavtal klassificeras som antingen finansiella eller operationella vilket påverkar hur företagen redovisar sina leasingavtal. Operationell leasing har skapat möjligheter för företag att hålla sin finansiering utanför balansräkningarna och därmed dold för företagens externa intressenter. Företagen har på så vis kunnat visa en bättre bild av deras finansiella ställning samt prestation. Denna problematik försöker nu International Accounting Standards Board (IASB) åtgärda genom att införa den nya redovisningsstandarden IFRS 16. Denna nya redovisningsstandard leder till att alla börsnoterade bolag nu tvingas redovisa alla sina leasingavtal som finansiella vilket innebär att de blir kapitaliserade i företagens finansiella rapporter. Syftet med denna studie är att förklara IFRS 16 och de effekter en kapitalisering av operationella leasingavtal kan ha på ett företags finansiella rapporter samt nyckeltal. Utöver detta vill vi skapa en förståelse för hur denna förändring kan påverka kreditgivares bedömningar av de finansiella rapporterna utifrån egenskaperna i IASBs konceptuella föreställningsram. Vi har med hjälp av en kapitalisering fört in ett företags operationella leasingavtal i deras resultat- och balansräkning och därefter studerat effekterna på de finansiella nyckeltalen. Detta material har därefter använts vid intervjuer med olika kreditgivare. Resultatet av vår studie visar att de finansiella rapporterna samt nyckeltalen påverkas vid en övergång till IFRS 16. En annan slutsats av vår studie är att kreditgivare får en mer rättvisande bild av företagets finansiella ställning samt att jämförbarheten ökar vid en kapitalisering av de operationella leasingavtalen.
Leasing has generally been an attractive financing method for companies to obtain the assets required to compete in its industry. With IAS 17, leases can be classified as either financial or operating leases, which affects how companies report their leases. Operating leases has created opportunities for companies to keep their financing outside their balance sheets and thus hidden from the companies’ external stakeholders. The companies have thus been able to show a better picture of their financial position and performance. International Accounting Standards Board (IASB) now seeks to resolve this issue by introducing a new accounting standard called the IFRS 16. This new accounting standard means that all listed companies now have to report all their leasing contracts as financial, which means they are capitalized in the company's financial reports. The purpose of this study is to explain IFRS 16 and the effects a capitalization of operating leases can have on a company's financial reports and key ratios. In addition, we want to create an understanding of how this change can affect creditors' assessments of financial reports based on the features of the IASB Conceptual Framework. With the help of a capitalization, we have entered a company's operating leases in their income statement and balance sheet and subsequently studied the effects on the key financial ratios. This material has then been used in interviews with different creditors. The results of our study show that the financial statements and key ratios are affected by a transition to IFRS 16. Another conclusion of our study is that creditors get a more faithful representation of the company's financial position and that the comparability increases when a company’s operating leases are capitalized.

The diploma’s thesis Leases Reporting According to the Czech Accounting Legislation and IFRS is focused on analysis of different approaches of the czech accounting legislation and IFRS to accounting and reporting financial leases. The aim of the thesis is to find out which system gives a more realistic picture of the company’s financial situation for both lessee and lessor.

The background for this essay is the problems associated with the previous leasing standard IAS 17, and the implementation of the new, IFRS 16. During the appliance of IAS 17 leasing was either classified as operating- or finance leasing. Here the focus is whether there are similarities in the lease contract to a repayment purchase or not. For finance leases there are similarities to a purchase of the asset, where the lessee shall report both the asset and liability in the balance sheet. Simultaneously neither the asset or liability is reported in the balance sheet when establishing operating leases.The previous standard IAS 17 has received great criticism for allowing the operating leases to be outside the company's accounting, because they have meant that the transparency and reliability of the reported information has been inadequate. Companies that establish operating leases results in misleading key ratios, and may consequently therefore underestimate their financial risks associated with the leased asset. A lower debt ratio may be related to a higher debt financing of the balance sheet.The study is conducted to examine the potential effects the implementation of IFRS 16 has on different industries in Sweden, and how it will affect the key ratios EBITDA, debt, leverage and solidity. Relevant previous literature concerning potential effects in industries will be presented in the theoretical section. The result of the study will there after be presented and analyzed with previous scientific research.
Bakgrunden till denna uppsats är problemen i samband med den tidigare leasingstandarden IAS 17 och införandet av det nya IFRS 16. Under tillämpningen av IAS 17 klassificerades leasingavtal som antingen operationell eller finansiella. Klassificeringen handlar om det finns likheter i hyreskontraktet till ett återbetalningsköp eller ej. För finansiella leasingavtal finns det likheter till ett köp av tillgången, där leasetagaren ska redovisa både tillgång och skuld i balansräkningen. Samtidigt redovisas varken tillgång eller skuld i balansräkningen vid upprättandet av operationella leasingavtal. Den tidigare standarden IAS 17 har fått stor kritik för att de operationella leasingavtalen tillåts vara utanför bolagets bokföring, det har inneburit att insynen och tillförlitligheten hos den rapporterade informationen har varit otillräcklig. Operationella leasingavtal leder till vilseledande nyckeltal och att företagen därmed kan underskatta deras finansiella risker i samband med den hyrda tillgången. En lägre skuldkvot kan vara relaterad till en högre skuldfinansiering från balansräkningen. Studien genomförs för att undersöka de potentiella effekter som IFRS 16 har på olika branscher i Sverige, och hur införandet påverkar nyckeltalen EBITDA, skuldsättning, skuldsättningsgrad och soliditet. Relevant tidigare litteratur om de potentiella effekterna inom branscherna kommer att presenteras i det teoretiska avsnittet. Resultatet av studien kommer därefter att presenteras och analyseras med tidigare vetenskaplig forskning.

Den internationella redovisningsstandarden för leasingavtal, IAS 17 Leasingavtal, harkritiserats för att den möjliggör för företag att redovisa utanför balansräkningen genomoperationell leasing. Det har länge förts diskussion kring redovisningen av operationellaleasingkontrakt och om de representerar en rättvisande bild. Operationella leasingkontraktorsakar att företag undanhåller tillgångar och skulder från balansräkning. Ur denna problematikhar IASB skapat den nya redovisningsstandard, IFRS 16 Leases, som ska ersätta den gamlaredovisningsstandarden.Huvuddragen i den nya standarden IFRS 16 är betydande förändringar för leasetagaren snarareän för leasegivaren, där regleringen påminner mer om det tidigare regelverket. Leasetagarenkommer att behöva redovisa en nyttjanderätt och en leasingskuld och den nuvarandeuppdelningen av finansiell och operationell leasing kommer därmed att upplösas. På så sättändras företagens strategiska beslut vid finansiering av verksamheten. Leasegivaren påverkasdäremot inte av förändringen, denne kommer fortfarande att behöva klassificera leasingavtalsom finansiella eller operationella i enlighet med klassificeringskriterier som motsvarar de iIAS 17.Syftet med uppsatsen är att med typfall undersöka hur den nya internationellaredovisningsstandarden, IFRS 16 Leases, kan komma att påverka företags balans- ochresultaträkningar och i förlängningen hur det kommer att beröra relevanta finansiella nyckeltal.Studiens syfte undersöks genom våra två forskningsfrågor som undersöker effekten avkapitalisering av de operationella leasingåtaganden för företags balans- och resultaträkning vidtillämpning av IFRS 16 samt påverkan på företags nyckeltal som är knutna till balans- ochresultaträkningen av kapitaliseringen enligt IFRS 16.Med hjälp av typfallen har vi kunnat dra slutsatser som besvarar uppsatsens syfte samtforskningsfrågor. I vår studie har vi visat att nyckeltal som soliditet och skuldsättningsgradkommer att påverkas markant av den kapitalisering som IFRS 16 innebär och grundar sig i denleasingskuld som företagen behöver redovisa vid tillämpning av IFRS 16. De undersöktanyckeltalen vinstmarginal, räntabilitet på eget kapital samt totalt kapital, har i vår studie visatsinitialt bli lägre vid tillämpning av IFRS 16. Vi har dock dragit andra slutsatser om vad somhänder över leasingperioden med nyckeltalen. Nyckeltalen kommer vid leasingperiodens slutvisa högre avkastning än vad IAS 17 hade visat under samma period. Slutsatsen grundar sig iresultatpåverkans omfördelning då avskrivning, ränta och amortering görs istället förkostnadsföring av leasingavgiften.Vi har kommit fram till att företagsredovisning av det som tidigare var operationellaleasingkontrakt blir mer komplicerad när IFRS 16 tillämpas. Övergångsbestämmelser till dennya standarden har även öppnat upp för företagen att ge en anpassad bild av redovisningen motintressenter. Utifrån vår studie har vi också dragit slutsatsen att övergången till den nyastandarden på lång sikt kommer gynna företagets intressenter. I dagsläget gör intressenter redanjusteringar för företags operationella leasingåtagande vid beräkning av kreditrisk. Den nyastandarden innebär att intressenter slipper göra justeringar då företaget redovisar en merrättvisande bild av de finansiella rapporterna.
The International Accounting Standard for leases, IAS 17 Leases, has been criticized to enablecompanies to report off-balance sheet by reporting leases as operating leases. There has longbeen discussion about the accounting of operational leases and if they represent a fair view.These contracts cause companies to withhold assets and liabilities from the balance sheet. Fromthis issue, the IASB has created a new accounting standard, IFRS 16, which will replace the oldaccounting standard.Key features of the new standard IFRS 16 has significant changes for the lessee rather than thelessor, where regulation is more reminiscent of the previous regulatory framework. The lesseewill need to report a right of use asset and a lease liability and the current breakdown of financialand operational leasing will therefore be dissolved. In this way, the company’s strategicdecisions changes in financing the business. The lessor will not be affected by this change, hewill still need to classify leases as capital or operating in accordance with the classificationcriteria corresponding to those of IAS 17.The purpose of this study is to investigate, with constructed scenarios, how the new accountingstandard, IFRS 16 Leases, will affect corporate balance sheets together with income statementsand, in the long run, how this affects relevant financial ratios. This is examined by our tworesearch questions which seek to find the effect of the capitalization of the operating leases forcorporate balance sheet and income statement when applying IFRS 16 as well as the impact oncompany’s financial ratios.Through our scenarios we have been able to draw conclusions that answers the study’s purposeand research questions. In our study, we have shown that key ratios, such as equity and leveragewill be significantly influenced by the capitalization that IFRS 16 implies. This is based on thelease liability that companies need to report when applying IFRS 16. The examined financialratios, profit margin, return on equity and return on assets have shown in our study to be initiallylower when applying IFRS 16. However, we have drawn other conclusions about what happensover the lease period with the ratios. The key ratios will ultimately show higher returns thanIAS 17 had shown during the same period. This conclusion is based on the reallocation ofearnings impact, as depreciation, interest and amortization is made instead of expensing thelease fee.We have concluded that corporate accounting of what was previously operational leasingbecomes more complicated when IFRS 16 is applied. Transitional options to the new standardhas also opened opportunities for companies to provide a customized picture of the financialstatements to stakeholders. Based on our study, we have also drawn the conclusion that thetransition to the new standard in the long run will benefit the company’s stakeholders. In thecurrent situation, stakeholders already adjust for operational leases when calculating corporatecredit risk. The new standard means that stakeholders do not need to make these adjustmentsas the company reports a more fair picture of the financial statements.This study is hereinafter written in Swedish.

The main theme of thesis is comparison of accounting of leasing according to czech legislative and IFRS. The thesis is divided into six parts. The first section is devoted to history of leasing and its developement. Second part deals with definition of leasing and its types and characteristics. The third part contains the definition of leasing according to czech law. Fourth part is devoted to reporting of leasing according to czech accounting principles. The fifth part deals with issue of leasing from point of view of IAS 17. The sixth part deals with practical application of the rules contained in czech legislative and in IAS 17 at real lease contract.

The main theme of this thesis is the isue of leases and its treatment in International Financial Reporting Standards. The thesis is devided into five parts. The first part is devoted to basic characteristics of the lease, its structure and historical development. The third part focuses on convergence of IFRS and US GAAP in leases. This section contains a summary of the opinions contained in Discussion Paper and decisions made at meetings of the IASB and the FASB after publishing of Discussion Paper. The fourth part deals with practical application of the rules contained in IAS 17 at real lease contract. The last part is devoted to research of implementation of disclosure requirements specified in IAS 17.

The aim of this thesis is to create a comprehensive view of financial reporting of lease contracts from lessee's and lessor's point of view in accordance with International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). The thesis is divided into four parts. The first part is devoted to basic characteristics of the lease and its reporting according to the currently applicable standards - IAS 17 and ASC 840. Content of the next part is Convergence of Accounting Standards. Second half of the thesis focuses on the Exposure Draft and Comment Letters.

The final thesis deals with method of accounting and reporting leasing transactions. It focuses on czech accounting laws and reporting according to International Financial Reporting Standards. The practical part consists of transfer of real lease contract from the czech accounting to IFRS and research of annual reports. The research is focused on compliance with disclosure requiremqnts of IFRS.

Thesis mainly describes characteristics of lease, its types, advantage, disadvantage, ways of bookkeeping and reporting according to czech law and International Accounting Standards. Thesis includes also illustrative example which shows real leasing contract according to czech law and International Accounting Standards.

A lease is used by many companies as an instrument of external financing by which their investing and operational needs are financed. The lease itself is divided under the existing accounting standard IAS 17 Leases - into two parts -- the finance and the operating. The different classification of the lease can be used - position of a lessee and the position of a lessor. The problem in the case of the lessee is that the division into the finance and the operating lease is very sophisticated and also enables the opportunity of the creative accountancy. The reason is that some companies instead of the finance lease recognise the operating lease and conversely. This fact results in a fact that the financial statements are not comparable and users cannot rely on them. This thesis analyses these problems and it is looking for the solutions for the lessees and the lessors.

Leasingstandarden IAS 17 har motstått en del kritik eftersom företag har kunnat ta del av fördelarna av operationell leasing då både leasade tillgångar och motsvarande skulder har effektivt hållits utanför balansräkningen med endast not-upplysningar om framtida leasing skyldigheter. Under 2005 uttrycktes oro över brist på öppenhet och information gällande leasingförpliktelser av US Securities and Exchange Commission (SEC), något som redan bekymrade investerare och andra intressenter. Som svar på kritiken initierade International accounting standards board (IASB) tillsammans med Financial accounting standards board (FASB) ett projekt i hopp om att förbättra redovisningen av leasingavtal. Den nya standarden, IFRS 16, innebär att alla operationella leasingavtal kapitaliseras och redovisas i balansräkningen, det vill säga, en modell som liknar redovisningen av finansiella leasingavtal. Således elimineras uppdelningen av leasingavtal i operationella och finansiella leasingavtal. Syftet med denna studie är genom att analysera skillnaderna mellan IAS 17 och IFRS 16, utforska vilken inverkan IFRS 16 kommer att ha på företagens finansiella rapporter och nyckeltal. Vidare utgörs syftet av att förklara hur effekterna på nyckeltal förhåller sig till jämförelseperioder särskilt vid tillämpning av den modifierade retroaktiva övergångsmetoden. I denna studie har en kvalitativ ansats i kombination med ett induktivt angreppssätt tillämpats. Undersökningen har genomförts på ett fiktivt bolag samt åtta årsredovisningar från åtta olika företag inom detaljhandel och flygbranschen. Vad gäller de verkliga företagen har datamaterialet som extraheras från årsredovisningarna bearbetats med hjälp av den konstruktiva kapitaliseringsmodellen utformad av Imhoff, Lipe och Wright (1991, 1997) och modifierad av Fülbier, Silva och Pferdehirt (2008). Utifrån studiens undersökning blir det tydligt att IFRS 16 handlar om öppenhet och delgivning av information. IFRS 16 inverkan på resultat- och balansräkningen leder till att nyckeltal som bland annat soliditet, skuldsättningsgrad, räntabilitet på eget- och totalt kapital och genomsnittlig skuldränta påverkas. Användare av finansiella rapporter använder dessa nyckeltal för att identifiera problemområden samt möjligheter inom ett företag. Vi finner att kapitaliseringen av operationella leasingavtal förser användare av finansiella rapporter med mer verklighetstrogen information. Vidare bidrar studien till en djupare förståelse för hur och varför en del nyckeltal kommer att påverkas av IFRS 16 i förhållande till jämförelseperioder. Studien bidrar även till att förstå relevansen av IFRS 16 och hur denna standard bidrar till redovisningens informationsvärde.
The lease accounting standard IAS 17, has been criticized for enabling companies to take advantage of the benefits of operational leasing, since both leased assets and their corresponding liabilities have been kept off-balance sheet with information on future lease obligation presented only in notes. In 2005, the US Securities and Exchange Commission (SEC) raised some concerns due to the lack of transparency and information on lease obligations, something that already worried investors and other stakeholders. In response to the criticism, the International Accounting Standards Board (IASB), together with the Financial Accounting Standards Board (FASB), launched a project hoping to improve the accounting of leases. With the new IFRS 16 standard, all operating leases will be capitalized and reported on the balance sheet. Hence, a model similar to the accounting for financial leasing agreements eliminating the division of lease agreements into operational and financial leases. The aim of this study is to analyze the differences between IAS 17 and IFRS 16, examine what impact IFRS 16 will have on the companies' financial reports and key ratios. Furthermore, the study aims to explain how the effects on key ratios relate to comparative periods in particular when applying the modified retrospective approach. In this study, a qualitative approach in combination with an inductive approach has been applied. The study has been carried out on a fictitious company and eight annual reports from eight different companies within the retail and airline industry. With regard to the actual companies, the data material extracted from the annual reports has been processed using the constructive capitalization model designed by Imhoff, Lipe and Wright (1991, 1997) and modified by Fülbier, Silva and Pferdehirt (2008).Based on the study's results, it becomes clear that IFRS 16 is about transparency and disclosure of information. IFRS 16’s impact on the income statement and balance sheet results in key ratios such as equity ratio, debt/equity ratio, return on equity and total capital and average debt interest rate to change. Users of financial reports use these key ratios to identify problem areas and opportunities within a company. This study finds that the capitalization of operating leases provides users of financial reports with more accurate information. The study contributes to a deeper understanding of how and why some key ratios will be affected by IFRS 16 in relation to comparative periods. The study also helps in understanding the relevance of IFRS 16 and how this standard contributes to the information value in accounting.

Thesis deals with leasing financing in light of Czech national regulations and IFRS. At first part it applies to lease at common level, its historical development, advantages and disadvantages and also its division. Second part targets the legal regulations in the Czech Republic, including tax and accounting view. Third part deals with IFRS adjustment, some distinctions from US GAAP, convergent project of IASB and FASB and discussion paper Leases: preliminary views. The work is completed by the practical application aimed at comparison Czech national regulations and IFRS in case of the financial leasing.

The thesis analyses the ways of external financing above all from the accounting and tax perspective through lease and loan. The first part defines the financial lease and loan, the way how they are captured in accounting and their relations to taxes. There are advantages and disadvantages of both ways of financing listed and analysed in more details. The second part of the thesis compares the acquision of assets through loan or lease. The ways of financing are compared from the administrative and tax perspective as well as the financial cost of the investment.

Leasingen har ökat under de senare åren. Den har använts som ett alternativt finansieringssätt för många företag. Genom leasing kan företagen undvika lån eller bundet kapital vid investering. Detta medför flexibilitet och ekonomiska fördelar. Enligt IAS 17 klassificeras leasing med två redovisningssätt, operationellt och finansiellt leasingavtal. Ett operationellt avtal betyder en konstant kostnad över leasingtiden i resultaträkningen. Det finansiella leasingavtalet redovisas med en avskrivning och en ränta i resultaträkningen samt en skuld och en tillgång i balansräkningen. Redovisningsskillnaden mellan avtalen medför problem då operationell leasing redovisas utanför balansräkningen "off-balance-sheet". Den operationella redovisningen ger inte investerare och analytiker en rättvisande bild om företagets finansiella ställning. Med anledning av detta har IASB och FASB tvingats utveckla en ny och omarbetad leasingstandard (IFRS 16). Standarden är tänkt att eliminera redovisningsskillnaderna och därmed öka jämförbarheten. Den främsta förändringen i den nya leasingstandarden är att leasingavtal, som är mer än 12 månader, ska redovisas som den nuvarande finansiella leasingen där tillgången tas upp som en tillgång och en skuld i balansräkningen. Syftet är att undersöka förändringen av företagens finansiella ställning före och efter en kapitalisering, vid ett byte från IAS 17 till IFRS 16. Kapitaliseringen innebär ökade skulder och tillgångar i balansräkningen. Rapporten ska undersöka hur balansräkningen förändras. Kapitaliseringen påverkar även resultaträkningen genom avskrivningar och räntekostnader. Dessa förändringar i resultaträkningen ska också undersökas. Tidigare forskning visar att företagens storlek och bransch kan få olika effekt vid en kapitalisering. Syftet är därför att kartlägga kapitaliseringseffekten mellan olika branscher samt beskriva effektskillnaderna mellan företagens storlek, samt söka samband dem emellan. Undersökningen visade att effekten på företagens finansiella rapporter var varierande, där resultaträkningen hade en mindre effekt än balansräkningen. Kapitaliseringen ledde till en kraftig skuldökning samt en mindre ökning på tillgångssidan, som i sin tur gav olika effekt på nyckeltalen. Skuldsättningsgraden och soliditeten påverkades mest, i jämförelse med de andra nyckeltalen i undersökningen. Gällande branscher och företagsstorlek är det Consumer Services och Small Cap, som totalt sett påverkades mest. Detta medför att företagens egenskaper och storlek hade betydelse vid en kapitalisering.

The final thesis deals with lease and it's accounting and reporting treatment according to the International Financial Accounting Standards compared to the adjustment applicable in Czech republic. The first part is devoted to the basic characteristic of lease, it's division and historical development, especially in Czech republic. Second part aims the accounting treatment of lease under the czech accounting laws and also prescribes the tax consequences of lease. Third part of the thesis deals with the IFRS adjustment of lease, concretely with IAS 17 Leases. It targets the classification of leases, the accounting and reporting treatment for the lessor and the lessee as well and also the convergence project of IFRS and US GAAP related to leases. The work is completed with the practical application of the introduced observation on a real lease contract under the czech regulation and under IFRS.

The main purpose of this diploma thesis is to provide a general overview of the three types of fixed assets financing -- long-term bank loan, capital lease and operating lease; their general description, definition and typology, mainly from the accounting standpoint of view in appliance with the International Financial Reporting Standards. Close attention is also paid to their comparison and outlining their main qualitative and quantitative benefits and disadvantages. The last part of the thesis includes a case study that implements quantitative comparison of the three types of assets financing and their accounting according to the theoretical material contained in the preceding chapters.

Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
O trabalho realizado pretende analisar, quantificar e demonstrar o impacto inicial que decorreu da aplicação da IFRS 16 Locações nas demonstrações financeiras das empresas cotadas na Euronext Lisboa, em 2018. A IFRS 16 entrou em vigor a 1 de janeiro de 2019, e exige que os locatários efetuem o reconhecimento no balanço das anteriores locações classificadas como operacionais, que até 2018 eram apenas reconhecidas em resultados do exercício e divulgados os pagamentos futuros destes contratos no anexo às demonstrações financeiras, de acordo com a anterior norma IAS 17 Locações. Para o efeito, foram analisados os relatórios e contas anuais de 2018 e os intercalares de 2019, publicados até ao momento das 44 empresas. Conclui-se que os valores de ativos e passivos reconhecidos a partir de agora, e que estavam fora dos Balanços das empresas, são materialmente relevantes, e que afetam a posição financeira das entidades, e agravam os rácios de autonomia financeira e solvabilidade, motivados apenas por alteração de politica contabilística.
The work carried out, aims to analyze, quantify and demonstrate the initial impact that resulted from the application of IFRS 16 Leases in the financial statements of companies listed on Euronext Lisbon, in 2018. IFRS 16 came into force on January 1st 2019, and requires that lessees carry out the recognition in the Balance Sheet of previous leases classified as operating leases. Until 2018, lessees recognized operating leases only in the income statement for the year and the future payments of these contracts disclosed in the notes to the financial statements, in accordance with the previous IAS 17 Leases. For this purpose, were analyzed the annual reports and accounts for 2018 and the interim reports for 2019, published up to the time of the 44 companies. It is concluded that the values of assets and liabilities recognized as of now, and that were outside the balance sheets of the companies, are materially relevant, and that they affect the financial position of the entities, and aggravate the ratios of financial autonomy and solvency, motivated only due to changes in accounting policy.
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Objetivo – O objetivo deste trabalho é acessar o tratamento da operação de venda e arrendamento mercantil de acordo com a introdução da nova norma de arrendamento mercantil IFRS 16 e determinar suas consequências para os negócios. Devido a essas mudanças de longo alcance, a contabilização das transações de venda e arrendamento de acordo com a IFRS 16 é analisada criticamente e avaliada em relação à finalidade e aos princípios selecionados da contabilidade do IFRS. Além disso, é feita uma comparação com as disposições da IAS 17. Outrossim, esta pesquisa visa identificar espaço potencial para evitar as consequências da IFRS 16 e vincula essas descobertas à prática. Metodologia – A pesquisa foi dividida em diferentes partes. Em primeiro lugar, a fundamentação teórica é determinada com o uso de materiais do IASB em relação ao novo padrão de locação para investigar possíveis diferenças ocorridas na IFRS 16. Baseado em um exemplo prático, o procedimento contábil para uma transação de venda e arrendamento segundo a IFRS 16, para ambos envolvendo partes, é mostrado. Os resultados são discutidos e vinculados, especialmente no que diz respeito ao propósito e várias possibilidades oferecidas pela IFRS 16. Resultados – A introdução da IFRS 16 traz grandes mudanças para os negócios. Uma transação de venda e arrendamento sob a IFRS 16 leva em contraste com a IAS 17 (assumindo a locação operacional) para uma contabilidade em balanço. Limitações – Não é necessário apresentar uma análise completa e revisão do novo padrão. Aplicabilidade do trabalho – Este trabalho pode servir as empresas, assim como o auditor e contadores, como uma diretriz para o tratamento de transações de venda e arrendamento sob a IFRS 16 e mostra as consequências. Originalidade – Para o conhecimento do autor, este é o primeiro estudo que combina uma comparação entre a IAS 17 e a IFRS 16 com o tratamento de transação de venda e arrendamento e determina sua finalidade e as consequências para as empresas que usam um exemplo prático.
Purpose – The purpose of this work is to access the treatment of sale and lease back transaction in regards of the introduction of the new leasing standard IFRS 16 and determine its consequences for businesses. Due to these far-reaching changes, the accounting for sale and lease back transactions in accordance with IFRS 16 is critically analyzed and evaluated in regards of the purpose and selected principles of IFRS accounting. In addition, a comparison is made with the provisions of IAS 17. Further, this research aims to identify potential room for avoiding the consequences of IFRS 16 and links these findings to the practice. Design/methodology/approach – The research was divided into different parts. First of all, the theoretical foundation is determined with using IASB materials regarding the new lease standard to investigate possible differences occurring to IFRS 16. Based on a practical example, the accounting procedure for a sale and lease back transaction under IFRS 16, for both involving parties, is shown. The findings are discussed and linked, especially in regards of the purpose and various possibilities IFRS 16 offers. Findings – The introduction of IFRS 16 bears far reaching changes for business. A sale and lease back transaction under IFRS 16 leads in contrast to IAS 17 (assuming operating lease) to an on-balance sheet accounting. Research limitations/implications – It is not necessary to present a full analysis and review of the new standard. Practical implications – IFRS 16 will have a significant influence on future balance sheets, analyses and company valuations. This work can serve companies as well as auditor and accountants as a guideline for the treatment of sale and lease back transactions under IFRS 16 and demonstrates the accruing consequences. Originality – To the knowledge of the author, this is the first study that combines a comparison a of IAS 17 and IFRS 16 with the treatment of sale and lease back transaction and determines its purpose as well as consequences for businesses using a practical example.

The main goal of this thesis is to provide a general knowledge of the leasing as a form of asset financing compared to the loan, describe leasing and define its history, types and functions, define the legal and tax aspects of leasing. Another goal is to capture the forms of lease accounting and evaluate the leasing compared to the loan by way of examples using different methods.

Thesis deals with leasing transactions in view of czech accounting and tax legislation and in view of International financial reporting standards. Emphasis is placed on classification of leases as a finance lease and operating lease and especially on different impact of finance lease transactions on the financial statements of lessor and lessee prepared in accordance with czech legislation and IAS/IFRS.

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Made available in DSpace on 2018-09-11T19:36:00Z (GMT). No. of bitstreams: 1 final final Upload Master Thesis FGV EBAPE Antonius Sieverding.pdf: 2490687 bytes, checksum: 075d9209529073496ed1f2c4523a30c4 (MD5) Previous issue date: 2018-06-19
Objetivo – O objetivo deste trabalho é acessar o tratamento da operação de venda e arrendamento mercantil de acordo com a introdução da nova norma de arrendamento mercantil IFRS 16 e determinar suas consequências para os negócios. Devido a essas mudanças de longo alcance, a contabilização das transações de venda e arrendamento de acordo com a IFRS 16 é analisada criticamente e avaliada em relação à finalidade e aos princípios selecionados da contabilidade do IFRS. Além disso, é feita uma comparação com as disposições da IAS 17. Outrossim, esta pesquisa visa identificar espaço potencial para evitar as consequências da IFRS 16 e vincula essas descobertas à prática. Metodologia – A pesquisa foi dividida em diferentes partes. Em primeiro lugar, a fundamentação teórica é determinada com o uso de materiais do IASB em relação ao novo padrão de locação para investigar possíveis diferenças ocorridas na IFRS 16. Baseado em um exemplo prático, o procedimento contábil para uma transação de venda e arrendamento segundo a IFRS 16, para ambos envolvendo partes, é mostrado. Os resultados são discutidos e vinculados, especialmente no que diz respeito ao propósito e várias possibilidades oferecidas pela IFRS 16. Resultados – A introdução da IFRS 16 traz grandes mudanças para os negócios. Uma transação de venda e arrendamento sob a IFRS 16 leva em contraste com a IAS 17 (assumindo a locação operacional) para uma contabilidade em balanço. Limitações – Não é necessário apresentar uma análise completa e revisão do novo padrão. Aplicabilidade do trabalho – Este trabalho pode servir as empresas, assim como o auditor e contadores, como uma diretriz para o tratamento de transações de venda e arrendamento sob a IFRS 16 e mostra as consequências. Originalidade – Para o conhecimento do autor, este é o primeiro estudo que combina uma comparação entre a IAS 17 e a IFRS 16 com o tratamento de transação de venda e arrendamento e determina sua finalidade e as consequências para as empresas que usam um exemplo prático.
Purpose – The purpose of this work is to access the treatment of sale and lease back transaction in regards of the introduction of the new leasing standard IFRS 16 and determine its consequences for businesses. Due to these far-reaching changes, the accounting for sale and lease back transactions in accordance with IFRS 16 is critically analyzed and evaluated in regards of the purpose and selected principles of IFRS accounting. In addition, a comparison is made with the provisions of IAS 17. Further, this research aims to identify potential room for avoiding the consequences of IFRS 16 and links these findings to the practice. Design/methodology/approach – The research was divided into different parts. First of all, the theoretical foundation is determined with using IASB materials regarding the new lease standard to investigate possible differences occurring to IFRS 16. Based on a practical example, the accounting procedure for a sale and lease back transaction under IFRS 16, for both involving parties, is shown. The findings are discussed and linked, especially in regards of the purpose and various possibilities IFRS 16 offers. Findings – The introduction of IFRS 16 bears far reaching changes for business. A sale and lease back transaction under IFRS 16 leads in contrast to IAS 17 (assuming operating lease) to an on-balance sheet accounting. Research limitations/implications – It is not necessary to present a full analysis and review of the new standard. Practical implications – IFRS 16 will have a significant influence on future balance sheets, analyses and company valuations. This work can serve companies as well as auditor and accountants as a guideline for the treatment of sale and lease back transactions under IFRS 16 and demonstrates the accruing consequences. Originality – To the knowledge of the author, this is the first study that combines a comparison a of IAS 17 and IFRS 16 with the treatment of sale and lease back transaction and determines its purpose as well as consequences for businesses using a practical example.

Dissertação de Mestrado em Contabilidade e Finanças apresentada à Faculdade de Economia
The objective of this study is to understand in what manner the listed companies in Portugal comply with the mandatory disclosure requisites in the lease contracts, as prescribed by the IAS 17 – Leases. It is also an objective to analyze what determinants influence those disclosure requisites. The annual reports for the years of 2015, 2016 and 2017 of 34 companies listed in Euronext Lisbon were useful to collect the necessary information. It is mandatory for those companies to implement the international accounting standards and yearly publicize their annual reports.A performance index about the disclosure requisites was created, based on the annual reports of the 34 companies, being that index the base to reach the two objectives. Firstly, it will quantify the performance for the three years in analysis, which, by descriptive statistics, will allow to make assumptions about the first objective. And Secondly, it will be used as the dependent variable in a regression that is composed by five independent variables, collected from the annual reports. Those five variables are also the five study hypothesis, dimension of the company, the type of auditing firm, rentability, leverage and type of industry. This regression will allow to reach the objective of understanding which determinants influence the disclosure level.The mean of the created index for the three years is 65%, and it keeps almost constant through the years. The variables, dimension of the company and type of auditing firm, positively influence the disclosure index and are statistically significant. The rentability variable, as opposed to what was expected, negatively influences the disclosure index, and is statistically significant.
Este estudo tem como objetivo perceber em que medida as empresas cotadas em Portugal cumprem os requisitos de divulgação exigidos para os contratos de locação, conforme identificados na IAS 17 – Locações, sendo também objetivo analisar que determinantes influenciam esse nível divulgação. Para tal recorreu-se aos relatórios e contas dos anos 2015, 2016 e 2017 de 34 empresas cotadas no Euronext Lisboa, que pela legislação são obrigadas a implementar as normas internacionais de contabilidade e a divulgarem anualmente os seus relatórios e contas.Para se chegar aos objetivos propostos, procedeu-se à criação de um índice de cumprimento dos requisitos de divulgação, com base na análise dos relatórios e contas das 34 empresas, sendo que esse índice de divulgação será a base da resposta aos dois objetivos citados. Numa primeira fase irá quantificar o nível de cumprimento para os três anos, o que através de estatística descritiva permite tirar conclusões acerca do primeiro objetivo. Vai também ser utilizado como variável dependente numa regressão constituída por cinco variáveis independentes, construídas também de acordo com os relatórios e contas. Essas cinco variáveis correspondem às cinco hipóteses de estudo, que são a dimensão da empresa, o tipo de empresa de auditoria, a rentabilidade, a alavancagem e o setor de atividade da empresa. Esta regressão permitirá alcançar o objetivo de perceber que determinantes influenciam o nível de divulgação.A média de cumprimento do índice de divulgação das locações para os três anos cifra-se em 65%, não havendo oscilações significativas neste período temporal. A dimensão da empresa e o tipo de empresa de auditoria influenciam positivamente o índice de divulgação das locações, e são estatisticamente significativas. A variável rentabilidade, contrariamente ao que seria esperado, influencia negativamente o índice de divulgação das locações, e é também estatisticamente significativa.

Classificação JEL: G10; M41
O meu estudo verifica se a contabilização de todas as locações como sendo financeiras, tem valor para o investidor. Até aqui, as locações operacionais têm vindo a ser contabilizadas como um gasto em linha reta, ao longo do contrato, por isso o ativo e o passivo das locações operacionais têm estado, fora do balanço. Sabendo isso, o FASB e o IASB estão em conjunto a alterar as locações, para que os ativos e os passivos das locações operacionais sejam reconhecidos no início do contrato. Os meus resultados mostram através de uma regressão baseada no preço, que essa informação está incorporada no preço e portanto, é valor relevante para o investidor.
My study verifies if accounting all the leases as being financing, they are value relevant for the investor. So far, the operating leases have been accounting as an expense in straight line, therefore the assets and liabilities from the operating leases are out of the balance sheet. Knowing this, the IASB and FASB are in a joint project, changing the accounting rules for the leases, so that the assets and liabilities of the operating leases could be recognized in the beginning of the contract. My results show by a regression based in the price that that information is incorporated in the price, thus is value relevant for the investor.

A 1 de Janeiro de 2019, as empresas que utilizam as normas internacionais de contabilidade adotaram obrigatoriamente o recente normativo contabilístico associado às locações – IFRS 16 (International Financial Reporting Standards – Locações). Esta norma impõe que todos os contratos de locação, incluindo as locações operacionais, passem a estar refletidos obrigatoriamente no balanço. A crescente preocupação dos organismos internacionais, nomeadamente o International Accounting Standards Board (IASB) e o US Financial Accounting Standards Board (FASB), relativamente ao uso das locações operacionais como forma de financiamento off balance sheet associada à preocupação dos investidores pela falta de transparência da informação divulgada nas demonstrações financeiras das empresas, foram os elementos chave para que se desencadeasse a reavaliação normativa das locações. O objetivo da presente dissertação é determinar se a introdução do novo modelo contabilístico de locações conduz a alterações significativas nos indicadores económico-financeiros das empresas cotadas na Euronext Lisbon. As informações financeiras foram recolhidas dos Relatórios & Contas do primeiro semestre após a entrada em vigor da IFRS 16. Os resultados mostram que existe um impacto estatisticamente significativo nos rácios de autonomia financeira, solvabilidade, grau de endividamento, cobertura de juros, rentabilidade do ativo, margem EBITDA e cobertura da dívida líquida pelo EBITDA. Os resultados obtidos vão de encontro a outros resultados de estudos anteriormente realizados acerca dos impactos esperados na implementação da IFRS 16.
On January 1st 2019, companies that use international accounting standards adopted the recent accounting standard associated with leases - IFRS 16 (International Financial Reporting Standards - Leases). This standard requires companies to report leases on the balance sheet, including contracts that were defined as operating leases and therefore were not recognized on the balance sheet. Internacional accounting standard-setting organizations, International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) growing concerns over the use of operating leases as a way of off balance sheet financing associated with the lack of transparency of information about lease obligations, were the key elements that led to the creation of the new single lessee accounting model. The aim of this dissertation is to investigate if the adoption of IFRS 16 by the companies listed in Euronext Lisbon affected financial ratios and performance metrics in the first semester of adoption of the new accounting standard. The financial information was collected from the financial reports for the first semester of the year when IFRS 16 was adopted. The results show that there is statistically significant impact on the financial autonomy ratio, solvency ratio, debt ratio, interest coverage ratio, return on assets, EBITDA margin and net debt to EBTIDA ratio. The results of the study align with the findings of past research regarding the introduction of IFRS 16.

A 1 de Janeiro de 2019 as empresas que adotam as normas internacionais contabilísticas, viram a estrutura das suas demonstrações financeiras ser alterada, uma vez que se torna obrigatória adoção da norma IFRS 16- Locações. Uma locação, segundo esta norma é um contrato que transmite para o locatário o direito de usar um ativo por um determinado período de tempo. Esta norma surge com a missão de tornar as demonstrações financeiras das empresas mais transparentes, coerentes e sobretudo comparáveis. O seu principal objetivo é conter as locações off-balance sheet, dado que estas não demonstram a realidade das operações de locação e dificultam a comparabilidade entre as empresas, através da obrigatoriedade de reconhecimento de todas as locações como ativos e passivos. Com adoção desta norma a maioria das locações operacionais passam a ser reconhecidas como locações financeiras, à exceção das locações operacionais de curta duração, inferiores a 12 meses, ou das locações operacionais de baixo valor, inferiores a 5000€. Apesar da obrigatoriedade desta norma, as empresas podem optar por um de dois modelos de transição, o modelo retrospetivo completo ou modelo retrospetivo modificado. Assim, o presente estudo tem como principal objetivo perceber se adoção do novo modelo contabilístico impactou significativamente os rácios económico-financeiros das maiores empresas cotadas da Península Ibérica. Para além disso, foi elaborada uma análise às principais rúbricas que seriam expectáveis sofrer alterações nas empresas que optaram pelo método retrospetivo completo.
On January 1, 2019, companies saw a change in the financial statements structure, since the adoption of IFRS 16 Leases was mandatory. A lease is a contract that gives the lessee the right to use an asset for a specified period of time. The IFRS 16 came with the mission to make the financial statements of companies more transparent, consistent, and, above all, comparable. Its main objective was to contain off-balance sheet leases, since these did not show the reality of leasing operations and hinder comparability between companies, through the requirement to recognize all leases as assets and liabilities. With the adoption of this standard, most operating leases are now recognized as finance leases, with the exception of short-term operating leases, less than 12 months, or low-value operating leases, less than € 5000. Despite the mandatory nature of this standard, companies could choose one of two transition models, the complete retrospective model or the modified retrospective model. Thus, the present study has the main objective to understand if the adoption of this new accounting model significantly impacted the economic and financial ratios of the largest listed companies in the Iberian Peninsula. In addition, an analysis was made of the main items that would be expected to undergo changes in the companies that opted for the full retrospective method.

O método de contabilização das locações ao abrigo da IAS 17 – Locações foi alvo de debate ao longo dos anos, pelo facto de possibilitar que, através de locações operacionais, um locatário tivesse montantes significativos de direitos e obrigações não reconhecidas no seu balanço. Para colmatar esta lacuna, em 1 de janeiro de 2019, entrou em vigor a IFRS 16, que introduziu um modelo único de contabilização de locações para locatários. Neste contexto, o presente estudo visa analisar o impacto da adoção da IFRS 16, em 2019, nas empresas cotadas em bolsa em Portugal. Para dar resposta a este objetivo, recorreu-se a um modelo de value relevance, introduzido por Ohlson (1995) e amplamente utilizado na literatura, que avalia a relevância das informações contabilísticas através da sua capacidade para explicar os preços das ações. Os resultados obtidos indicam que os ajustamentos resultantes da adoção da IFRS 16 são relevantes para a avaliação das empresas pelo mercado. Assim, admitindo que, o mercado incorpora nos preços a informação pública disponível, as evidências sugerem que a adoção da IFRS 16 originou uma correção nas estimativas efetuadas pelos participantes no mercado, nomeadamente em empresas onde o impacto é negativo, mas menos gravoso do que estes haviam estimado com base nas informações divulgadas no anexo às demonstrações financeiras. Em síntese, a adoção da IFRS 16 traz conteúdo informativo adicional para o mercado de capitais, e desse modo, a introdução da norma aumenta a utilidade da informação para os destinatários.
The leases’ accounting method regarding IAS 17 was a matter of discussion throughout the years since it enables that through the operational leases an entity can possess significative amounts of rights and liabilities not acknowledged in their balance sheet. To cease this gap, in the January 1st of 2019, came into effect the IFRS 16, which introduced a sole model to account the leases. Therefore, this paper aims to analyze the impact of the adoption of IFRS 16 – Leases, in 2019, by companies listed in the Portuguese stock market. To accomplish the aim of this paper, it was utilized a value relevance model, widely used by prior literature, introduced by Ohlson (1995), which evaluates the relevance of accounting information through its ability to explain companies´ market value. The findings highlight that the resulting adjustments of IFRS 16’ adoption were relevant to the companies’ market evaluation. Therefore, on the assumption that, the market embodies in the prices the available public information, the evidences suggest that the adoption of IFRS 16 led to a rectification on the estimations made by the market participants, namely in companies where the impact is negative, although less severe than estimated by them based in the notes to the financial statements. In synthesis, the adoption of IFRS 16 brings additional informative content to the capital market, thereby, this standard’s introduction increases the information’s utility to the market participants.

A adoção da IFRS 16, a 1 de janeiro de 2019, teve como grande objetivo aumentar a comparabilidade da informação financeira, tornando obrigatório para os locatários o reconhecimento de todas as locações como ativos e passivos nas suas demonstrações financeiras, mitigando, desta forma, as locações off-balance sheet e proporcionando o reporte de informação que integre de forma apropriada direitos e obrigações decorrentes de contratos de locação. No entanto, a norma consagra exceções, que não alcançaram consenso, e que permitem deixar fora do balanço algumas locações operacionais, nomeadamente as locações de curto prazo e as de baixo valor. Para além disso, a IFRS 16 permite alguma discricionariedade em matérias como a avaliação do exercício de opções de renovação dos contratos de locação. Caso não seja divulgada, no anexo às demonstrações financeiras, informação suficiente sobre estas questões, a desejada comparabilidade entre empresas pode ficar comprometida. O presente estudo tem dois objetivos, determinar se a adoção da IFRS 16 impactou os rácios financeiros das empresas que constituem o PSI-20 e se essas empresas adotaram as exceções permitidas pela norma e estão a cumprir com as divulgações requeridas pela mesma, de modo a salvaguardar a comparabilidade entre empresas, em caso de materialidade. Os resultados mostram que, com exceção da rentabilidade dos capitais próprios, o novo normativo teve impacto significativo nos rácios financeiros das empresas do PSI-20 e que estas empresas estão, em geral, a adotar as exceções permitidas pela IFRS 16, sendo que a informação financeira divulgada nem sempre satisfaz cabalmente os requisitos da norma, o que pode comprometer a comparabilidade da informação.
The adoption of IFRS 16, on January 1st of 2019, aimed to increase the comparability of financial information, making it mandatory for tenants to recognize all leases as assets and liabilities in their financial statements, thus mitigating the off-balance sheet leases and providing a reporting of information that appropriately integrates rights and obligations arising from lease agreements. However, the new standard allows exceptions, which did not reach consensus, and which allow some operating leases to be left out of the balance sheet - short-term and low-value leases. In addition, IFRS 16 also allows some discretion in matters such as the evaluation of the exercise of options to renew lease contracts. If the financial statements do not disclose sufficient information on these issues, the desired comparability of financial information may be compromised. The present study has two objectives, to determine if the adoption of IFRS 16 impacted the financial ratios of the companies that make up the PSI-20 and to determine if these companies have adopted the exceptions allowed by the new standard and are complying with the disclosures required by it, in order to keep the comparability between companies, in case of materiality. The results show that, with the exception of return on equity, the new regulation had a significant impact on the financial ratios of PSI-20 companies and that these companies are, in general, adopting the exceptions allowed by IFRS 16, however the information disclosed by the financial statement does not always fully meets the requirements of the standard, which can compromise the comparability of the information.

Este estudo tem com objetivo principal perceber se existe uma relação entre as locações operacionais e a gestão de resultados das empresas. A gestão de resultados é uma prática que pode ocorrer quando é permitido ao gestor o uso do julgamento. A norma internacional das locações, IAS 17 Leases, exige que no início da locação que o gestor faça uso do seu julgamento para classificar uma locação como operacional ou financeira. A figura da locação operacional tem sido ao longo dos tempos cada vez mais importante para as empresas, pois elas aperceberam-se que o seu desempenho melhora, embora de forma artificial. Não consigo concluir se as empresas com locações operacionais são mais prováveis de gerir os resultados que as empresas sem locações operacionais. No entanto, apenas consideradas as empresas com locações operacionais da amostra inicial, os resultados sugerem que quanto maior for o volume de locações operacionais, em euros, mais provável são as empresas de gerir os resultados.
This study aims to understand if there is a relation between operating leases and earnings management. Earnings management is a practice that it’s likely to occur when a manager is able to use judgement. The international accounting standard for leases, IAS 17 Leases, demands the use of judgment in the beginning of the lease to classify the leases as operating or financial. The operating lease figure has been along the times more important for the companies, since they have noticed their performance seems to get better in an artificial way. I cannot conclude if the companies with operating leases are likely to manage more earnings than the companies that have not. Although only considering companies with operating leases from the sample, the results suggest that the companies that have more operating leases, in euros, are likely to manage their earnings.