Chapter 21: Accounting for Leases

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Chapter 21 Accounting for Leases
Intermediate Accounting, 11th ed. Kieso,
Weygandt, and Warfield
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Chapter 21 Accounting for Leases
After studying this chapter, you should be able
to

1. Menjelaskan Sifat, substansi ekonomi, dan
   keunggulan transaksi lease.
2. Menjelaskan kriteria akuntansi dan prosedur utk
   mengkapitalisasi lease oleh lessee.
3. Membedakan metode operasi dan kapitalisasi dalam
   pencatatan lease.
4. Mengidentifikasi klasifikasi lease untuk lessor.

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Chapter 21 Accounting for Leases

1. Menjelaskan akuntansi lessor untuk lease
   pembiayaan langsung.
2. Mengidentifikasi fitur khusus dari kesepakatan
   lease yg menyebabkan masalah akuntansi yg unik.
3. Menjelaskan dampak dari nilai residu, yg dijamin
   dan tdk dijamin, terhadap akuntansi lease.
4. Menjelaskan akuntansi lessor utk lease jenis
   penjualan.
5. Menjelaskan persyaratan pengungkapan untuk lease.

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Leasing Basics

• The lease is a contractual agreement between the
  lessor and the lessee.
• The lease gives the lessee the right to use
  specific property.
• Durasi jgk waktu lease dpt bervariasi dari
  periode waktu yg pendek hingga seluruh umur
  manfaat dari aktiva ybs.
• Kewajiban utk pjk, asuransi, dan biaya
  pemeliharaan dpt dibebankan baik pada lessor
  maupun lessee.

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Advantages of Leasing

1. Pembiayaan 100 dengan suku bunga tetap.
2. Proteksi terhadap keusangan.
3. Fleksibilitas.
4. Pembiayaan lebih murah.
5. Masalah pajak minimum alternatif (Alternative
   Minimum Tax Problems)
6. Pembiayaan diluar neraca (Off- Balance- Sheet
   Financing).

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Conceptual Nature of a Lease

• According to the FASB
• Jangan Mengkapitalisasi Setiap aktiva yang di
  lease.
• Mengkapitalisasi Lease Serupa dengan pembelian
  cicilan.
• Mengkapitalisasi semua Lease jangka panjang.
• Mengkapitalisasi Lease perusahaan dimana penalty
  atas pelanggaran perjanjian berjumlah substansial.

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Accounting by Lessee

• Kriteria Kapitalisasi untuk Lessee
• Lease mentransfer kepemilikan properti kepada
  lessee.
• Lessee memiliki opsi utk membeli dg harga khusus
  (bargain purchase options)
• Jangka waktu lease sama dg atau lebih 75 dari
  estimasi umur ekonomis aktiva yang dilease.
• Nilai sekarang dari pembayaran lease minimum (tdk
  termasuk bi executory) sama dg atau melebihi 90
  dari nilai wajar property yg di lease.

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Accounting by Lessee
Lease Agreement
Capital Lease
Operating Lease
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The Bargain Purchase Option

• A bargain purchase option
• Mengizinkan lessee utk membeli properti yang
  dilease.
• Pada harga yg secara signifikan lebih rendah
  dibandingkan dg nilai wajar properti yg
  diharapkan pd tgl opsi tsb. Digunakan.
• Pada awal lease, perbedaan antara hrg opsi dg
  nilai pasar wajar yg diharapkan hrs cukup besar
  shg realisasi dari opsi bisa dipastikan scr layak.

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The Recovery of Investment Test (90 Test)

• Dlm menetukan nilai sekarang dr pembayaran lease
  minimum, ada tiga konsep yg hrs dipertimbangkan
• Pembayaran lease minimum (pembyrn sewa min, ni
  residu yg dijamin, penalti atas kegagalan
  memperbaharui atau memperpanjang lease, opsi utk
  membeli dg hrg khusus).
• Executory costs (insurance, taxes, and
  maintenance), and
• Discount rate (Lessee menghitung PV dr pembyrn
  lease min dg menggunakan suku bunga pinjaman
  inkremental lessee).

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Minimum Lease Payments

• The minimum lease payments include
• Pembyrn Sewa Min pembyrn yg hrs dilakukan oleh
  lessee kpd lessor berdsrkan kesepakatan lease.
• Nilai Residu yg dijamin
• a. Jml tertentu dmn lessor memiliki hak
  utk meminta lessee membeli aktiva
• b. Jml yg dijanjikan oleh penjamin lessee
  utk diperoleh lessor.
• 4) Penalti atas kegagalan memperbaharui atau
  memperpanjang lease.
• 5) bargain purchase option given to lessee

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Discount Rate

• The lessee computes the present value of the
  lease payments using the lessees incremental
  borrowing rate.
• Jika lessee mengetahui bhw lessors implicit
  interest rate dan suku bunga implisit lebih
  rendah dr lessees incremental rate, then such
  implicit rate must be used.
• The lessors implicit rate produces the following
  result
• present value of (minimum lease payments and
  unguaranteed residual value) fair value of the
  asset to lessor

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Accounting for Asset and Liability by Lessee

• In a capital lease transaction, the lessee
  records an asset and a liability.
• The asset is depreciated by the lessee over the
  economic life of the asset.
• The effective interest method is used to allocate
  the rental payments between principal (pokok) and
  interest.
• Penyusutan aktiva dan pengurangan kewajiban
  adalah dua proses akuntansi yg independen selama
  jgk waktu lease.

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Classification of Leases Lessor

• Lessor classifies leases as one of the
  following
• Operating lease
• Direct financing lease
• Sales-type lease

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Accounting by Lessor Classification of Leases

• To be classified as an operating lease
• The lease doesnt meet any group 1 criteria (same
  as lessees), OR
• Collectibility of payments isnt reasonably
  assured, OR
• Lessors performance isnt substantially
  complete.

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Accounting by Lessor Classification of Leases

• To be classified as a direct financing lease the
  lease must meet group 1 criteria (same as
  lessees), and the following, group 2 criteria
• Collectibility of payments must be reasonably
  assured, and
• Lessors performance must be substantially
  complete, and
• Assets fair value must be equal to lessors book
  value

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Lessors Criteria for Lease Classification
Lease Agreement
Operating Lease
Direct financing
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Operating Lease Lessor

• The lessor depreciates the leased asset according
  to its depreciation policy.
• Maintenance costs of the leased asset (payable by
  lessor) are charged to expense.
• Costs, such as finders fees and credit checks,
  are amortized over the lease term.
• The leased equipment and accumulated depreciation
  are shown as Equipment Leased to Others.

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Direct Financing Lessor

• The following information is needed by lessor to
  record a direct financing lease
• Gross investment (lease payments receivable),
  consisting of
• the minimum lease payments and any unguaranteed
  residual value at the end of lease term
• Unearned interest revenue (difference between
  gross investment and the FMV of the property)
• Net investment (gross investment less unearned
  interest revenue)

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Direct-Financing Lease
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Special Accounting Problems

• Residual values
• Sales-type leases (lessor)
• Bargain purchase options
• Initial direct costs
• Current versus noncurrent
• Disclosure

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Residual Values

• Residual value is the estimated fair value of
  asset at the end of lease term
• May either be guaranteed or unguaranteed
• From lessors perspective once the lease rate is
  determined, it makes no difference whether the
  residual value is guaranteed or unguaranteed.
• From lessees perspective
• Guaranteed residual affects minimum lease payment
  calculation
• Unguaranteed residual does not

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Sales-Type Lease
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Initial Direct Costs

• Two types
• Incremental directs costs paid to third parties
  at origination of lease
• Internal direct costs paid by lessor at
  origination of lease.

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Disclosure Requirements Lessee

• For the lessee, the requirements for capital
  leases are
• gross amount of assets
• future minimum lease payments
• total non-cancelable minimum sublease rentals
• total contingent rentals
• identify assets separately
• general description of lessees arrangements

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Disclosure Requirements Lessor

• For the lessor, the requirements for
  sales-type and direct-financing leases are
• components of net investment
• future minimum lease payments
• amount of unearned revenue included in revenue
• total contingent rentals
• general description of lessors leasing
  arrangements

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Disclosure Requirements Lessor

• For the lessor, the requirements for operating
  leases
• cost and carrying amount
• minimum future rentals
• total contingent rentals
• general description of lessors leasing
  arrangements