租赁——确定折现率（英文版）_39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. The choice of the appropriate discount rate is a critical element in this process, as it significantly affects the reported lease liabilities and various financial ratios.

Main Points

1. Determining the Correct Discount Rate

• Lessees must determine a discount rate for all leases except those that qualify for recognition exemptions (short-term leases or leases of low-value assets).
• The discount rate can be either:
  • The interest rate implicit in the lease, if it can be readily determined.
  • The lessee's incremental borrowing rate, otherwise.
• Lessees face significant challenges in determining the interest rate implicit in the lease due to lack of information about the lessor's costs and expectations.

2. Impact of Discount Rate on Financial Statements

• A higher discount rate reduces lease liabilities, which in turn affects several financial ratios:
  • Gearing/leverage: ↓ (Lower due to lower lease liabilities)
  • Asset turnover: ↑ (Higher due to lower total assets)
  • Current ratio: ↑ (Higher due to lower current lease liabilities)
  • Operating profit/EBIT: ↑ (Higher due to lower depreciation)
  • EBITDA: ● (Unchanged as both depreciation and interest are excluded)
  • Interest cover: ↓ (Lower due to higher interest expense)
• The discount rate also impacts the front-loading of lease expense, increasing interest expense and reducing depreciation over the lease term.

3. Key Judgemental Issues

• Documentation of the assumptions and basis for the discount rate is required.
• Choice of transition approach affects the need for historical discount rate information.
• Estimates may need to be revised if the lease is modified.

4. Lessor Discount Rate

• Lessees are not required to determine the interest rate implicit in the lease for all leases.
• 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 asset and initial direct costs.
• Lessees should not use the same lease payments as the lessor for determining the implicit rate, as the definition of lease payments differs between the two parties.

5. Lease Payments Definition

6. Practical Issues for Lessees

• Portfolio approach is allowed if it is not materially different from using individual rates.
• Lessees may obtain information on the interest rate implicit in the lease from the lessor, but should apply professional scepticism.
• Intra-group transactions and related party leases may provide more transparency.

7. Incremental Borrowing Rate

• Defined as the rate a lessee would have to pay to borrow funds over a similar term and with similar security to obtain an asset of a similar value.
• It is company-specific and depends on:
  • The lessee
  • The lease term
  • The amount of funds borrowed
  • The security (nature and quality of the underlying asset)
  • The economic environment

8. Challenges in Determining Implicit Rate

• Lessor-specific information is required, which is typically not available to lessees.
• Initial direct costs of the lessor are crucial for determining the implicit rate, but these are not usually disclosed.
• Residual value expectations and fair value of the underlying asset are also key but may not be accessible to lessees.

Key Information

• Discount rate is a central area of judgment under IFRS 16.
• Lessees are expected to use the incremental borrowing rate for most leases due to the difficulty in determining the interest rate implicit in the lease.
• Lessor discount rates are used for lease classification and measuring net investment in finance leases.
• Disclosure of the interest rate implicit in the lease is limited, making it challenging for lessees to use this rate without additional information.
• System and process changes may be necessary to support the new requirements.
• Regulatory scrutiny may be applied to lessees' assumptions about the interest rate implicit in the lease.

Conclusion

The determination of the discount rate under IFRS 16 is a complex and judgmental process, particularly for lessees. While the interest rate implicit in the lease provides a more accurate reflection of the lessor's pricing, it is rarely readily determinable. Lessees will typically rely on their incremental borrowing rate, which is company-specific and based on market conditions. The choice of discount rate significantly impacts financial statements and ratios, and proper documentation and professional judgment are essential.