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Файл:Стандарты финансовой отчетности в корпоративном бизнесе. Учебное пособие на английском языке
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Leases in the financial statements of lessees
Finance leases
Initial reco gnit ion
At the commencement of the lease term, lessees shall recognise finance
leases as assets and liabilities in their statement of financial positions at
amounts equal to the fair value of the leased property or, if lower, the present
value of the minimum lease payments, each determined at the inception of the
lease. The discount rate to be used in calculating the present value of the minimum lease payments is the interest rate implicit in the lease, if this is practicable to determine; if not, the lessee’s incremental borrowing rate shall be used.
Any initial direct costs of the lessee are added to the amount recognised as an
asset.
Subseq uent me asurement
Minimum lease payments shall be apportioned between the finance
charge and the reduction of the outstanding liability. The finance charge shall
be allocated to each period during the lease term so as to produce a constant
periodic rate of interest on the remaining balance of the liability. Contingent
rents shall be charged as expenses in the periods in which they are incurred.
In practice, in allocating the finance charge to periods during the lease
term, a lessee may use some form of approximation to simplify the calculation.
A finance lease gives rise to depreciation expense for depreciable assets
as well as finance expense for each accounting period. The depreciation policy
for depreciable leased assets shall be consistent with that for depreciable assets
that are owned, and the depreciation recognised shall be calculated in accordance with IAS 16 Property, Plant and Equipment and IAS 38 Intangible As-
sets. If there is no reasonable certainty that the lessee will obtain ownership by
the end of the lease term, the asset shall be fully depreciated over the shorter of
the lease term and its useful life.
The depreciable amount of a leased asset is allocated to each accounting
period during the period of expected use on
To determine whether a leased asset has become impaired, an entity ap-
plies IAS 36.
Lessees shall, in addition to meeting the requirements of IFRS 7, make
the following disclosures for finance leases:
(a) for each class of asset, the net carrying amount at the end of the re-
porting period;
(b) a reconciliation between the total of future minimum lease payments
at the end of the reporting period, and their present value. In addition, an entity
shall disclose the total of future minimum lease payments at the end of the
reporting period, and their present value, for each of the following periods:
– not later than one year;
– later than one year and not later than five years;
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– later than five years;
(c) contingent rents recognised as an expense in the period;
(d) the total of future minimum sublease payments expected to be re-
ceived under non-cancellable subleases at the end of the reporting period;
(e) a general description of the lessee’s material leasing arrangements in-
cluding, but not limited to, the following:
– the basis on which contingent rent payable is determined;
– the existence and terms of renewal or purchase options and escalation
clauses; and
– restrictions imposed by lease arrangements, such as those concerning
dividends, additional debt, and further leasing.
Operating leases
Lease payments under an operating lease shall be recognised as an ex-
pense on a straight-line basis over the lease term unless another systematic
basis is more representative of the time pattern of the user’s benefit.*
Lessees shall, in addition to meeting the requirements of IFRS 7, make
the following disclosures for operating leases:
(a) the total of future minimum lease payments under non-cancellable
operating leases for each of the following periods:
– not later than one year;
– later than one year and not later than five years;
– later than five years;
(b) the total of future minimum sublease payments expected to be re-
ceived under non-cancellable subleases at the end of the reporting period;
(c) lease and sublease payments recognised as an expense in the period,
with separate amounts for minimum lease payments, contingent rents, and sublease payments;
(d) a general description of the lessee’s significant leasing arrangements
including, but not limited to, the following:
– the basis on which contingent rent payable is determined;
– the existence and terms of renewal or purchase options and escalation
clauses; and
– restrictions imposed by lease arrangements, such as those concerning
dividends, additional debt and further leasing.
Leases in the financial statements of lessors
Finance leases
Initial reco gnit ion
Lessors shall recognise assets held under a finance lease in their state-
ments of financial positions and present them as a receivable at an amount
equal to the net investment in the lease.
Under a finance lease substantially all the risks and rewards incidental to
legal ownership are transferred by the lessor, and thus the lease payment re-
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ceivable is treated by the lessor as repayment of principal and finance income
to reimburse and reward the lessor for its investment and services.
Subseq uent me asurement
The recognition of finance income shall be based on a pattern reflecting a
constant periodic rate of return on the lessor’s net investment in the finance
lease.
A lessor aims to allocate finance income over the lease term on a system-
atic and rational basis. This income allocation is based on a pattern reflecting a
constant periodic return on the lessor’s net investment in the finance lease.
The sales revenue recognised at the commencement of the lease term by a
manufacturer or dealer lessor is the fair value of the asset, or, if lower, the present value of the minimum lease payments accruing to the lessor, computed at
a market rate of interest. The cost of sale recognised at the commencement of
the lease term is the cost, or carrying amount if different, of the leased property
less the present value of the unguaranteed residual value. The difference between the sales revenue and the cost of sale is the selling profit, which is recognised in accordance with the entity’s policy for outright sales.
Lessors shall, in addition to meeting the requirements in IFRS 7, disclose
the following for finance leases:
a) a reconciliation between the gross investment in the lease at the end of
the reporting period, and the present value of minimum lease payments receivable at the end of the reporting period. In addition, an entity shall disclose the
gross investment in the lease and the present value of minimum lease payments receivable at the end of the reporting period, for each of the following
periods:
– not later than one year;
– later than one year and not later than five years;
– later than five years;
b) unearned finance income;
c) the unguaranteed residual values accruing to the benefit of the lessor;
d) the accumulated allowance for uncollectible minimum lease payments
receivable;
e) contingent rents recognised as income in the period;
f) a general description of the lessor’s material leasing arrangements.
Operating leases
Lessors shall present assets subject to operating leases in their statements
of financial position according to the nature of the asset.
Lease income from operating leases shall be recognised in income on a
straight-line basis over the lease term, unless another systematic basis is more
representative of the time pattern in which use benefit derived from the leased
asset is diminished.
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Costs, including depreciation, incurred in earning the lease income are
recognised as an expense.
The depreciation policy for depreciable leased assets shall be consistent
with the lessor’s normal depreciation policy for similar assets, and depreciation
shall be calculated in accordance with IAS 16 and IAS 38.
To determine whether a leased asset has become impaired, an entity ap-
plies IAS 36.
Lessors shall, in addition to meeting the requirements of IFRS 7, disclose
the following for operating leases:
a) the future minimum lease payments under non-cancellable operating
leases in the aggregate and for each of the following periods:
– not later than one year;
– later than one year and not later than five years;
– later than five years;
b) total contingent rents recognised as income in the period;
c) a general description of the lessor’s leasing arrangements.
Sale and leaseback transactions
A sale and leaseback transaction involves the sale of an asset and the
leasing back of the same asset. The lease payment and the sale price are usually interdependent because they are negotiated as a package. The accounting
treatment of a sale and leaseback transaction depends upon the type of lease
involved.
If a sale and leaseback transaction results in a finance lease, any excess of
sales proceeds over the carrying amount shall not be immediately recognised
as income by a seller-lessee. Instead, it shall be deferred and amortised over
the lease term.
If a sale and leaseback transaction results in an operating lease, and it is
clear that the transaction is established at fair value, any profit or loss shall be
recognised immediately. If the sale price is below fair value, any profit or loss
shall be recognised immediately except that, if the loss is compensated for by
future lease payments at below market price, it shall be deferred and amortised
in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value shall be deferred and amortised over the period for which the asset is expected to be used.
For operating leases, if the fair value at the time of a sale and leaseback
transaction is less than the carrying amount of the asset, a loss equal to the
amount of the difference between the carrying amount and fair value shall be
recognised immediately.
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IAS 11 "Construction contracts"
The objective of this Standard is to prescribe the accounting treatment of
revenue and costs associated with construction contracts.
Definitions
A construction contract is a contract specifically negotiated for the con-
struction of an asset or a combination of assets that are closely interrelated or
interdependent in terms of their design, technology and function or their ultimate purpose or use.
A fixed price contract is a construction contract in which the contractor
agrees to a fixed contract price, or a fixed rate per unit of output, which in
some cases is subject to cost escalation clauses.
A cost plus contract is a construction contract in which the contractor is
reimbursed for allowable or otherwise defined costs, plus a percentage of these
costs or a fixed fee.
Construction contracts include:
a) contracts for the rendering of services which are directly related to the
construction of the asset, for example, those for the services of project managers and architects;
b) contracts for the destruction or restoration of assets, and the restoration
of the environment following the demolition of assets.
Combining and segmenting construction contracts
When a contract covers a number of assets, the construction of each asset
shall be treated as a separate construction contract when:
(a) separate proposals have been submitted for each asset;
(b) each asset has been subject to separate negotiation and the contractor
and customer have been able to accept or reject that part of the contract relating to each asset;
(c) the costs and revenues of each asset can be identified.
A group of contracts, whether with a single customer or with several cus-
tomers, shall be treated as a single construction contract when:
a) the group of contracts is negotiated as a single package;
b) the contracts are so closely interrelated that they are, in effect, part of a
single project with an overall profit margin;
c) the contracts are performed concurrently or in a continuous sequence.
A contract may provide for the construction of an additional asset at the
option of the customer or may be amended to include the construction of an
additional asset. The construction of the additional asset shall be treated as a
separate construction contract when:
a) the asset differs significantly in design, technology or function from
the asset or assets covered by the original contract; or
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b) the price of the asset is negotiated without regard to the original con-
tract price.
Contract revenue
Contract revenue shall comprise:
a) the initial amount of revenue agreed in the contract;
b) variations in contract work, claims and incentive payments:
– to the extent that it is probable that they will result in revenue;
– they are capable of being reliably measured.
Contract costs
Contract costs shall comprise:
costs that relate directly to the specific contract;
costs that are attributable to contract activity in general and can be allo-
cated to the contract;
such other costs as are specifically chargeable to the customer under the
terms of the contract.
Costs that relate directly to a specific contract include:
site labour costs, including site supervision;
costs of materials used in construction;
depreciation of plant and equipment used on the contract;
costs of moving plant, equipment and materials to and from the contract
site;
costs of hiring plant and equipment;
costs of design and technical assistance that is directly related to the con-
tract;
the estimated costs of rectification and guarantee work, including ex-
pected warranty costs;
claims from third parties.
Costs that may be attributable to contract activity in general and can be
allocated to specific contracts include:
insurance;
costs of design and technical assistance that are not directly related to a
specific contract;
construction overheads.
Costs that cannot be attributed to contract activity or cannot be allocated
to a contract are excluded from the costs of a construction contract. Such costs
include:
general administration costs for which reimbursement is not specified in
the contract;
selling costs;
research and development costs for which reimbursement is not specified
in the contract;
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depreciation of idle plant and equipment that is not used on a particular
contract.
When the outcome of a construction contract can be estimated reliably,
contract revenue and contract costs associated with the construction contract
shall be recognised as revenue and expenses respectively by reference to the
stage of completion of the contract activity at the end of the reporting period.
In the case of a fixed price contract, the outcome of a construction con-
tract can be estimated reliably when all the following conditions are satisfied:
total contract revenue can be measured reliably;
it is probable that the economic benefits associated with the contract will
flow to the entity;
both the contract costs to complete the contract and the stage of contract
completion at the end of the reporting period can be measured reliably;
the contract costs attributable to the contract can be clearly identified and
measured reliably so that actual contract costs incurred can be compared with
prior estimates.
In the case of a cost plus contract, the outcome of a construction contract
can be estimated reliably when all the following conditions are satisfied:
a) it is probable that the economic benefits associated with the contract
will flow to the entity; and
b) the contract costs attributable to the contract, whether or not specifi-
cally reimbursable, can be clearly identified and measured reliably.
The recognition of revenue and expenses by reference to the stage of
completion of a contract is often referred to as the percentage of completion
method. Under this method, contract revenue is matched with the contract
costs incurred in reaching the stage of completion, resulting in the reporting of
revenue, expenses and profit which can be attributed to the proportion of work
completed. This method provides useful information on the extent of contract
activity and performance during a period.
Under the percentage of completion method, contract revenue is recog-
nised as revenue in profit or loss in the accounting periods in which the work is
performed. Contract costs are usually recognised as an expense in profit or loss
in the accounting periods in which the work to which they relate is performed.
When the outcome of a construction contract cannot be estimated reliably:
revenue shall be recognised only to the extent of contract costs incurred
that it is probable will be recoverable;
contract costs shall be recognised as an expense in the period in which
they are incurred.
Recognition of expected losses
When it is probable that total contract costs will exceed total contract
revenue, the expected loss shall be recognised as an expense immediately.
The amount of such a loss is determined irrespective of:
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(a) whether work has commenced on the contract;
(b) the stage of completion of contract activity; or
(c) the amount of profits expected to arise on other contracts which are
not treated as a single construction contract.
Disclosure
An entity shall disclose:
the amount of contract revenue recognised as revenue in the period;
the methods used to determine the contract revenue recognised in the pe-
riod;
the methods used to determine the stage of completion of contracts in
progress.
An entity shall disclose each of the following for contracts in progress at
the end of the reporting period:
the aggregate amount of costs incurred and recognised profits (less rec-
ognised losses) to date;
the amount of advances received;
the amount of retentions.
An entity shall present:
the gross amount due from customers for contract work as an asset;
the gross amount due to customers for contract work as a liability.
IAS 20 "Accounting for government grants and disclosure of govern-
ment assistance"
Standard shall be applied in accounting for, and in the disclosure of, gov-
ernment grants and in the disclosure of other forms of government assistance.
Definitions
Government refers to government, government agencies and similar bod-
ies whether local, national or international.
Government assistance is action by government designed to provide an
economic benefit specific to an entity or range of entities qualifying under certain criteria. Government assistance for the purpose of this Standard does not
include benefits provided only indirectly through action affecting general trading conditions, such as the provision of infrastructure in development areas or
the imposition of trading constraints on competitors.
Government grants are assistance by government in the form of transfers
of resources to an entity in return for past or future compliance with certain
conditions relating to the operating activities of the entity. They exclude those
forms of government assistance which cannot reasonably have a value placed
upon them and transactions with government which cannot be distinguished
from the normal trading transactions of the entity.
Grants related to assets are government grants whose primary condition
is that an entity qualifying for them should purchase, construct or otherwise
acquire long-term assets. Subsidiary conditions may also be attached restrict-
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ing the type or location of the assets or the periods during which they are to be
acquired or held.
Grants related to income are government grants other than those related
to assets.
Forgivable loans are loans which the lender undertakes to waive repay-
ment of under certain prescribed conditions.
Fair value is the amount for which an asset could be exchanged between
a knowledgeable, willing buyer and a knowledgeable, willing seller in an
arm’s length transaction.
Government grants
Government grants, including non-monetary grants at fair value, shall not
be recognised until there is reasonable assurance that:
the entity will comply with the conditions attaching to them;
the grants will be received.
Government grants shall be recognised in profit or loss on a systematic
basis over the periods in which the entity recognizes as expenses the related
costs for which the grants are intended to compensate.
There are two broad approaches to the accounting for government grants:
the capital approach, under which a grant is recognised outside profit or loss,
and the income approach, under which a grant is recognised in profit or loss
over one or more periods.
Those in support of the capital approach argue as follows:
grants are rarely gratuitous. The entity earns them through compliance
with their conditions and meeting the envisaged obligations. They should
therefore be recognised in profit or loss over the periods in which the entity
recognizes as expenses the related costs for which the grant is intended to
compensate;
as income and other taxes are expenses, it is logical to deal also with gov-
ernment grants, which are an extension of fiscal policies, in the profit or loss.
A government grant that becomes receivable as compensation for ex-
penses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in
profit or loss of the period in which it becomes receivable.
Non-monetary government grants
A government grant may take the form of a transfer of a non-monetary
asset, such as land or other resources, for the use of the entity. In these circumstances it is usual to assess the fair value of the non-monetary asset and to account for both grant and asset at that fair value. An alternative course that is
sometimes followed is to record both asset and grant at a nominal amount.
Presentation of grants related to assets
Government grants related to assets, including non-monetary grants at
fair value, shall be presented in the statement of financial position either by
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setting up the grant as deferred income or by deducting the grant in arriving at
the carrying amount of the asset.
Two methods of presentation in financial statements of grants (or the ap-
propriate portions of grants) related to assets are regarded as acceptable alternatives.
One method recognises the grant as deferred income that is recognised in
profit or loss on a systematic basis over the useful life of the asset.
The other method deducts the grant in calculating the carrying amount of
the asset. The grant is recognised in profit or loss over the life of a depreciable
asset as a reduced depreciation charge.
The purchase of assets and the receipt of related grants can cause major
movements in the cash flow of an entity. For this reason and in order to show
the gross investment in assets, such movements are often disclosed as separate
items in the statement of cash flow regardless of whether or not the grant is
deducted from the related asset for presentation purposes in the statement of
financial position..
Presentation of grants related to income
Grants related to income are presented as part of profit or loss, either sep-
arately or under a general heading such as ‘Other income’; alternatively, they
are deducted in reporting the related expense.
Supporters of the first method claim that it is inappropriate to net income
and expense items and that separation of the grant from the expense facilitates
comparison with other expenses not affected by a grant. For the second method
it is argued that the expenses might well not have been incurred by the entity if
the grant had not been available and presentation of the expense without offsetting the grant may therefore be misleading.
Both methods are regarded as acceptable for the presentation of grants re-
lated to income. Disclosure of the grant may be necessary for a proper understanding of the financial statements. Disclosure of the effect of the grants on
any item of income or expense which is required to be separately disclosed is
usually appropriate.
Disclosure
The following matters shall be disclosed:
the accounting policy adopted for government grants, including the
methods of presentation adopted in the financial statements;
the nature and extent of government grants recognised in the financial
statements and an indication of other forms of government assistance from
which the entity has directly benefited;
unfulfilled conditions and other contingencies attaching to government
assistance that has been recognised.
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