毕马威-租赁——确定折现率（英文版）-2017.9-41页-1mb

Summary of IFRS 16 Leases Discount Rates

Core Content

IFRS 16 requires lessees to recognize most leases on the balance sheet, with the initial measurement of lease liabilities based on the present value of lease payments. A critical aspect of this process is determining the correct discount rate. This document outlines the key considerations and impacts of selecting the appropriate discount rate for both lessees and lessors under IFRS 16.

Main Points

Lessor Discount Rate

• Definition: The interest rate implicit in the lease is the rate that equates the present value of lease payments and unguaranteed residual value to the fair value of the underlying asset plus initial direct costs.
• Calculation: The rate is determined at lease inception and is based on the lessor's expected return on the lease.
• Scope: Not all leases require this rate. It is only necessary for finance leases or when assessing lease classification.
• Key Judgements: Determining the rate involves identifying initial direct costs and the fair value of the asset, which may be challenging.
• Exclusions: Variable payments based on sales or usage, and payments for non-lease components are excluded from the calculation.
• Portfolio Approach: Lessors may use a portfolio approach for leases with similar characteristics, provided it does not materially differ from individual lease treatment.
• Complexity with Land Leases: Determining the rate for land leases is complex due to the asset's indefinite life and potential appreciation.

Lessee Discount Rate

• Definition: Lessees use the interest rate implicit in the lease if it can be readily determined; otherwise, they use their incremental borrowing rate.
• Scope: Lessees must determine a discount rate for all leases except those fully prepaid, with variable payments based on sales or usage, or where recognition exemptions apply.
• Impact on Financial Statements: The discount rate significantly affects lease liabilities and right-of-use assets, and thus key financial ratios such as gearing, asset turnover, and interest cover.
• Challenges: Lessees often lack the information to determine the implicit rate, making it difficult to apply. This leads to reliance on the incremental borrowing rate.
• Incremental Borrowing Rate: This is the rate a lessee would pay to borrow funds for a similar term and security. It is company-specific and depends on the economic environment, lease term, and the nature of the underlying asset.
• Portfolio Approach: Lessees may also apply a portfolio approach for similar leases, but must ensure it is consistent with the lessor's assumptions and does not materially differ.

Key Financial Impacts of Discount Rate

Summary of Key Judgements and Considerations

• Determining the implicit rate is a significant area of judgment for lessees and lessors.
• Lessor's initial direct costs are a critical component in calculating the implicit rate and are company-specific.
• Lessees may struggle to determine the implicit rate due to lack of information and commercial sensitivity.
• Disclosure of the implicit rate is rare and typically limited to intra-group or related party transactions.
• Use of lease payments as defined in the standard is crucial for both parties, with differences in the definition affecting the calculation.
• Documentation of assumptions and judgments is essential, especially when using a retrospective transition approach.

Conclusion

The correct discount rate under IFRS 16 is a pivotal factor in the initial recognition of lease liabilities and right-of-use assets. While the standard brings forward many definitions from IAS 17, the application of these in the new on-balance sheet model requires significant judgment and data collection, particularly for lessees. The choice of discount rate impacts financial ratios and disclosures, making it a central consideration in the transition to IFRS 16.