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Lease type overview
A lease is a contractual agreement between a lessor，who conveys the right to use real or personal property （an asset），and a lessee，who agrees to pay periodic rents over a specified time.
参〈企业会计准则第21号-租赁〉
租赁分为两大类：
Operating Lease（经营租赁）
Capital Lease（GAAP）/Finance Lease（融资租赁）
Capital Lease
A lease that transfers substantially all of the benefits and risks inherent in ownership of property to the lessee.
Operating Lease
A lease that does NOT qualify as a capital lease.There is no transfer of ownership or of any risk or benefit of ownership.
Lessee Accounting for Operating Lease
Lease rent expense.
Dr. Rent Exp. Cr. Cash/Payable
Lease bonus：is an amount paid in addition to normal rent or as a prepayment in an operating lease.
LB（prepayment）is an asset and need amortize.
LB（addition）is an expense.
Leasehold improvements（办公室装修）
Permanently affixed to the property and reverts back to the lessor at the termination of the lease.
The value should be capitalized.
Depreciated over shorter of useful life or lease term.
Rent kicker-expense
Refundable security deposit – an asset.
Free or reduced rent consideration（免租期）
月均租金＝全租约期总租金/总租期
体现Matching principle
实务扩展：在中概股公司准备GAAP调整时，此条必然存在。此处是PRC实务及中/美税务与GAAP的常见暂时性差异。考试请注意！
Lessor Accounting for Operating Lease
Leasehold（Fixed assets etc.）
Recognized on lessor‘s F/S
Depreciation over the leasehold useful life
Rental income
Earned & Realizable
Rental多为预收，重在Earned.参 F2-4
Security Deposits
Refundable–Firstly recorded as liability，when refund to lessee，derecognize the liability
Nonrefundable–Firstly recorded as liability，then recognize as revenue when earned，and derecognize the liability.
Temporary Difference
GAAP accrual basis
Tax rule cash basis
Lease Bonus
1st deferred（unearned income），
2nd amortized（into income）over the life of the lease.
Free or reduced rent consideration
与Lessee的处理一致
月均租金＝全租约期总租金/总租期
体现Matching principle
Capital/Finance Lease
transfers substantially ownership to the lessee.
In substance ，an installment purchase.
Lessee recognized F.A & liability
Lessor treated as sales-type lease or direct financing lease.
Lessee Capital Lease Criteria
O/W/N/S（OR的关系，F5-10）
Ownership transfers at end of lease（强条件）
Written option for bargain purchase （强条件）
Ninety（90%）percent of leased property FV<=PV of Lease payment（弱条件）
Seventy-five（75%）percent or more of asset economic life is being committed in lease term（弱条件）
当交付出租物时，租赁物的寿命只剩下全寿命的25%时，弱条件无效。强条件继续有效。
考试技巧：判断是否为Capital Lease时，顺序如下：
1st 从强条件O与W入手，符合任意一条，是CL，结束。不符合O与W，进行第二步判断。
2nd 判断是否在租赁物交付时，剩余寿命不足全寿命的25%.若是，经营租赁（OL），结束。若不是，进行第三步判断。
3rd 判断两个弱条件是否满足。满足任何一条，CL.否则OL
Lessee Finance Lease Criteria（IFRS）
OWES+FACS（F5-11）
Ownership transfer
Written bargain purchase option
Economic life major part
Substantially all FV
Fluctuation of FV accrue to Lessee
Ability to continue the lease
Cancel need born the losses
Specialized nature
Lessor–Sales-type/Direct Financing type criteria（US GAAP）- LUC
Lessee “owns” the leased property（any one of O/W/N/S）
Uncertainties do NOT exist regarding any unreimbursable costs to be incurred by the lessor
Collectability is reasonably predictable.
Lessor–Sales-type Vs. Direct Financing
A sales-type lease is a lease that meets one of the four capital lease criteria（O/W/NS）and two other criteria（UC）and in which there is a manufacturers‘ or dealers’ profit. 2层利润＝销售利润+利息收入
A direct financing lease is a lease that meets one of the four capital lease criteria（O/W/N/S）and two other criteria（UC）and in which there is NO manufacturers‘ or dealers’ profit.1层利润＝利息收入
Lessor–Finance Lease Criteria（IFRS）
In IFRS，the Lessee and the lessor use the same criteria for lease classification. “OWES + FACS”
In GAAP，the lessor has additional 2 criteria. “1/4 O/W/N/S+U+C”
Passkey：In GAAP，a lease may be capital lease for lessee and operating lease for lessor. In IFRS，the lessee and the lessor will，in most cases，classify a lease consistently as a finance lease or an operating lease.
Lessee Capital/Finance lease accounting
Guaranteed residual value is the amount guaranteed by the lessee to the lessor for the estimated residual value of the asset at the end of the lease term.
Minimum Lease Payments（MLP）are all payments that a lessee is obligated to make under a capital lease，include the required rental payments， the present value of the payment required for any bargain purchase option（BPO），and the present value of any guaranteed residual value（GRV）payment by the lessee.
MLP=Rental+BPO+GRV
Lessee Capital/Finance lease accounting
Treats the less objective as if it was purchased.
XXX-YY-25 Recognition
Dr.Fixed asset–leased property
Cr.Liability–obligation under capital lease
XXX-YY-30 Initial Measurement
Measurement amount is the lower of Cost and Fair Value.
Cost is PV of Minimum Lease Payments（MLP）
Fair value refer to the fair value of asset at the inception of the lease.
Dr.Fixed asset–leased property min（Cost，FV）
Cr.Liability–obligation capital lease min（Cost，FV）
考点：GAAP中承租方的哪些费用在融资租赁里不得资本化（F5-13）
Executory costs
Insurance，maintenance，taxes can be paid by the lessor or lesee
Optional buyout（not a bargin）
对比：GAAP与IFRS中承租方在融资租赁里资本化方面的差异
GAAP：如果支出的至终受益方不是出租方，则不能资本化。至初租赁资产的入账价值通常与租赁负债的入账价值相等。
IFRS：initial direct costs of the lease paid by the lessee are added to the amount recognized as a finance lease asset.至初租赁资产的入账价值可能与租赁负债的入账价值不相等。
Interest rate for MLP-lower of
Rate implicit in the lease（if known）
Lessee‘s incremental borrowing rate
考点1：租赁类试题中，涉及到确定利率时，敏感词是“known by lessee”。见到此词时，要想到lower of
考点2：实务中，租赁多为期初预付（Annuity Due）。考试中，也有租金后付的。请注意区分。
Pass Key：承租方在融资租赁中的确定资本化金额时，要用到的两个较低：
Lower of implicit interest rate or incremental borrowing rate. 此处使用较低者的目的是，使用较大的PV of MLP（Cost）的金额，防止低估租赁负债。
Lower of cost or market. 此处使用较低的金额，防止高估租入资产的价值。
XXX-YY-35 Subsequent Measurement-asset
Depreciation Method. Same as other PP&E.
Period of Benefit.依据O/W/N/S确定
Estimated economic life of the asset（强条件O/W. Lessee keeps assets at the end of lease.）
Lease life（弱条件N/S. Lessor gets asset back at the end of lease）
XXX-YY-35 Subsequent Measurement-Liability
Effective interest method（实际利率法）F5-18
每期归还的现金中，先还利息，后还本金。
本期利息＝上期期末本金X实际利率
本期归还本金＝总还款- 本期利息
期末本金＝上期期未本金–本期归还本金
陷阱：预付时，第一期款中利息为零。
Dr.Interest expense
Dr.Liability–obligation of capital lease
Cr.Cash
XXX-YY-50 Disclosure
Disclose everything
Minimum future rental payments in total，and for each of the next five years.
Leasing expenses in the present years
Leasing brief description
Others
Summary of Lessee Capitalization Rules
Treat the lease asset as purchased PP&E on the B/S.
Capitalized as PP&E on the min（Cost，FV）
FV will be given in the Question
Cost=PV of MLP
MLP=Rental+ Bargain Purchase Option+Guaranteed residual value by lessee
Discount rate is min（Rate implicate，Incremental borrowing rate）
Lessor Accounting–Sales-Type Lease
XXX-YY-25 Recognition
对出租人而言，是将实物资产转化为金融资产
Dr.Lease payments receivable （B/S asset）
Cr.Unearned interest income （B/S asset）
Cr.Sales revenue（I/S）
Dr.Cost of goods sold（I/S）
Cr.Inventory（B/S asset）
此处 Unearned interest income 是Lease payments receivable的备抵科目。两者在科目余额表上是分别列示的，但在报表上，是以净值出现的。
Lessor Accounting–Sales-Type Lease
XXX-YY-30 Initial measurement
出租方的利益流入（未折现）：
MLP（租金+优惠买断价款+担保残值）
Unguaranteed residual value（未担保残值）
Lease payment receivable amount=MLP+Unguaranteed residual value
Lessor Accounting–Sales-Type Lease
XXX-YY-30 Initial measurement
出租方的利益流入（折现后，考虑时间价值）
PV of Lease payment receivable
当期可确认为收入的金额
考点：Sales revenue=PV of Lease payment receivable=Selling price=Fair Value（看题目中给出的是哪一个）
Lessor Accounting–Sales-Type Lease
XXX-YY-30 Initial measurement
出租方利益流入，折现前与折现后的差额
当期确认为Unearned interest income（B/S contra account of Lease payments receivable）
Lessor Accounting–Sales-Type Lease
XXX-YY-30 Initial measurement
出租方利益流出，存货/资产
当期转销存货/资产，确认主营业务成本
Lessor Accounting–Sales-Type Lease
XXX-YY-35 Subsequent measurement
Dr.Unearned interest income（B/S）
Cr.Interest Revenue（I/S）
Effective Interest method
每期归还的现金中，先还利息，后还本金
本期利息＝上期期末本金X实际利率
本期归还本金＝总还款- 本期利息
期末本金＝上期期末本金–本期归还本金
陷阱：预付时，第一期款中利息为零。
Lessor Accounting–Direct Financing Lease
XXX-YY-25 Recognition
对出租人而言，是将实物资产转化为金融资产
Dr.Lease payments receivable（B/S asset）
Cr.Unearned interest income（B/S asset）
Cr.Inventory（B/S asset）
XXX-YY-30 Initial measurement 与STL相同
XXX-YY-35 Subsequent measurement 与STL相同
Sale-Leaseback售后回租
The owner of a property（seller-lessee）sells the property and simultaneously leases it back from the purchaser-lessor.
The seller-lessee is simply refinancing the asset but is no longer the owner.
Sale-Leaseback 相关的两组四个数据
第一组：Selling Price（SP）与Net Book Value（NBV）。
第二组：Fair Value（FV）与Present Value of the minimum lease payments（PV）
Gain/Loss=SP–NBV.分盈利、真亏、假亏
%＝PV/FV.按10%与90%，分为高中低
焦点：G/L当期确认与递延的关系
Sale-Lease Back G/L确认与递延口诀
现值公允比高低，一成九成是标准。
低比全部当期认，高比中比看盈亏。
售价账面两相减，盈利亏损写下来。
亏损要分真与假，核心要看账面值。
账面大于公允值，真亏全部当期认。
其他都是假亏损，递延之后再摊销。
高比盈利需递延，中比要把现值挖。
现值部分记递延，剩余部分当期认。
递延资产的摊销
| 租赁方式 | 摊销期限至长不超过 | 当期摊销金额 |
| 融资租赁 | 承租日资产的经济寿命 | 当期折旧/总折旧X递延资产（原值） |
| 经营租赁 | 承租期限 | 当期租金/总租金比X递延资产（原值） |
Profit of Sale-Lease Back（IFRS）
依据租赁类型而定
Finance Lease-deferred and amortized over the lease term
Operating Lease–compare sales price Vs.FV
SP=FV，Recognized immediately
SP>FV，Deferred and amortized over the leasing period.
SP<FV，GR：Recognized immediately.SR：if favorable lease term，defer and amortize it.
Accounting by Purchaser–Lessor
Treat the acquisition of the asset as purchase.
If the lease is capital lease，treat it as Direct Financing Lease.
If the lease is operating lease，follow the policy of operating lease.
SubLeases
The original lessor‘s accounting for the lease will not change.
Sublease classification by Original Lessee and sublessee（半血统论）
If original lease is operating lease，then sublease is operating lease
If original lease is capital lease by 强条件O/W，then capital lease.
If original lease is capital lease by 弱条件N/S，then operating lease.Unless sublease meet “O/W/N/S”，it is operating lease.
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