regnskabsmæssig behandling af leasing: Med udgangspunkt i forslag til ny leasingstandard

Tina Skov Blicher

Student thesis: Master thesis


For a number of years, leasing has constituted a significant source of financing for many companies in connection with acquisition, as an alternative to more traditional sources of financing. As leasing has become more and more popular, general public focus has increased on the accounting treatment of this type of contracts. In 2010 IASB and FASB released a joint exposure draft regarding a new leasing standard. The purpose of the proposal for a new lease standard was to create uniformity between US GAAP and IFRS and to address concerns of the current standard. Especially the concern and criticism of the current standard, regarding the classification according to which some leases are not recognized in the balance sheet. In the current standard, leases that are classified as finance or operation leases where only finance leases are recognized in the balance sheet. The purpose of this thesis is to examine the implications of the amendments to the accounting leasing standard for leases, as proposed by IASB and FASB. In order to reach a conclusion to this question it is chosen to divide this thesis into three main chapters consisting of, a description of the current lease standard, including a review of the criticism of the standard. An analysis of the proposed standard and an analysis of the impact of the proposed standard, for lessees and lessors. In the first chapter of the thesis several weaknesses of the current lease standard were found. It was found that the current standard is not consistent with the Conceptual Framework of IFRS with regards to the recognition of assets and liabilities in the balance sheet. Also the current standard does not meet the needs of the primary users of financial reporting, since some users adjust the balance sheet to include operational leases. The two very different accounting models for leases according to the classification of leases including possibilities to structure transactions so as to achieve a particular accounting model. Last it was found that the current standard is complex and includes a great extent of subjective judgments to the classifications of lease, which reduces the comparability for users of the financial reporting. Based on the weaknesses found in the current standard, a new standard has been proposed. In the second chapter of this thesis the proposal was analyzed and compared to the current standard. The proposed new standard will apply a “Right of use” model under which all leases should be recognized in the balance sheet. The thesis determines how liabilities should be calculated by establishing the term, payments and discount rate of the contract, so that the liability reflects the actual conditions of the contract. In the third and final chapter of this thesis, the consequences for lessee and lessor, if the proposed new standard is approved, are analyzed. The analysis is performed on six selected Danish companies listed in the C20 index. The analysis shows that particularly transport companies with many and large leases will be affected by an amendment of the leases standard. Interest-bearing debt markedly increases which can also be seen from the related ratios for solvency, gearing and interest-bearing debt/EBITDA. Moreover EBITDA of the companies will be affected as the subtotal increases as future lease expenses will be recognized as depreciation and financial expenses instead of ordinary operation costs. The change in EBITDA will have a positive effect on the probability ratios as ROIC. Overall the negative impact on the financial ratios is leading to a greater financial risk in the companies, which in worst case could cause companies failing to meet covenants in leading agreements. For lessor the analysis shows that these will not be affected in the same way as the lessees. But lessors will need to acquire systems and implement business processes which can handle all the elements of lease contracts that should be included in lessee balance sheet. When lessee must recognize the contact in the balance sheet, further information from the lessor is needed. New systems and a change in the business processes will result in increased cost, at last in the first couple of years. Overall the general thesis conclusion is, that a new accounting standard for leases are needed. The inclusion of all leases in the balance sheet will improve the financial statements presentation of the leases. However the proposed new standard, have not yet resolved all the important issues of the current standard or all the issues of the first exposure draft.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2013
Number of pages94