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Intermediate Accounting, 11th ed.

Kieso, Weygandt, and Warfield

Chapter 21: Accounting


for Leases

Chapter 21: Accounting


for Leases
After studying this chapter, you should
be able to:
1.
2.
3.
4.

Menjelaskan Sifat, substansi ekonomi, dan


keunggulan transaksi lease.
Menjelaskan kriteria akuntansi dan prosedur utk
mengkapitalisasi lease oleh lessee.
Membedakan metode operasi dan kapitalisasi
dalam pencatatan lease.
Mengidentifikasi klasifikasi lease untuk lessor.

Chapter 21: Accounting


for Leases
5.
6.

7.

8.
9.

Menjelaskan akuntansi lessor untuk lease


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

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.

Advantages of
Leasing
1.
2.
3.
4.
5.
6.

Pembiayaan 100% dengan suku bunga


tetap.
Proteksi terhadap keusangan.
Fleksibilitas.
Pembiayaan lebih murah.
Masalah pajak minimum alternatif
(Alternative Minimum Tax Problems)
Pembiayaan diluar neraca (Off- BalanceSheet Financing).

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.

Accounting by Lessee
Kriteria Kapitalisasi untuk Lessee:
1.
2.
3.

4.

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.

Accounting by Lessee
Lease Agreement
Is there transfer
of ownership?
No

Capital
Lease

Yes
Yes

Is there a bargain
purchase option?
No

Yes

Is lease term equal


to or greater than
75% of economic
life ?

Yes

No

Operating
Lease

Is present value
of payments
equal to or more
than 90% FMV?

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.

The Recovery of Investment Test


(90% Test)

1)

2)
3)

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).

Minimum Lease
Payments
The
minimum lease payments include:
1)

2)

4)
5)

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.
Penalti atas kegagalan memperbaharui atau
memperpanjang lease.
bargain purchase option given to lessee

Discount Rate
1.

2.

3.

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

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.

Classification of Leases:
Lessor

1.
2.
3.

Lessor classifies leases as


one of the following:
Operating lease
Direct financing lease
Sales-type lease

Accounting by Lessor:
Classification of Leases
To be classified as an operating
lease:
1.

2.

3.

The lease doesnt meet any group 1


criteria (same as lessees), OR
Collectibility of payments isnt
reasonably assured, OR
Lessors performance isnt
substantially complete.

Accounting by
Lessor:
Classification of
Leases
To be classified
as a direct financing lease
1.
2.
3.

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

Lessors Criteria for


Lease Classification
Lease Agreement
Does lease meet
Group 1 criteria?
yes

No

Sales type

No
Is collectibility of
payments assured?
yes

No

Is lessors
performance
substantially
complete ?

No

yes

Operating
Lease
Direct
financing

Does asset FMV


equal lessors
book value?

yes

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.

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)

Direct-Financing
Lease

Special Accounting Problems


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

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

Sales-Type Lease

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.

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

Disclosure
Requirements: Lessor
For the lessor, the requirements for salestype 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

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