今天是：
注：这是由四部分系列组成的快速简介电子通讯特辑的第一篇文章，该特辑旨在帮助ELFA成员为新租赁会计准则做准备。对于财务周期来说，新的会计准则预计将在2018年12月15日开始对上市公司产生影响，于2019年12月15日开始对私人公司产生影响。本文从ELFA的租赁会计网页信息中摘录。
在新租赁会计准则下，为什么企业会租赁并且他们获得的收益仍然不会改变的原因。客户在可以贷款购买资产的情况下，仍然选择租赁的商业原因有很多。去租赁而不是贷款购买资产的关键商业原因有：
? 没有首付并且可以立即使用租赁资产vs. 贷款通常需要首付
? 避免运用资本来获取非核心业务资产
? 与资产使用寿命紧密匹配的期限上的等额固定利率的支付
? 全方位服务租赁中的外包服务使得更具成本效益，更方便管理
? 将资产处置转移到出租人
? 方便性：租赁通常是审批过程简单快捷的销售点融资。
? 租赁针对陈旧过时提供了套期保值。
客户不会借钱来购买一项资产的一些财务原因：
? 客户可能没有从银行获取贷款的资质
? 贷款利率是浮动的，而且可能会很高
? 可能需要付首付
? 期限和贷款支付可能与客户的现金管理预算不符
? 全部的资产成本列在资产负债表上，使ROA减小，而ROA通常是补偿和投资评估的基础
? 贷款是可能违反债务契约的负债
? 费用是前端收费（估算利息和直线折旧）
下图是为什么客户会租赁的一般原因的总结及这些原因在新的FASB（财务会计标准委员会）准则下受到的影响：
|
租赁的原因 |
细节 |
新准则下的情况 |
|
筹集资本 |
额外的资金来源，100%融资，固定利率，等额支付，更长的支付期限，避免影响债务限制条款，租赁费用在经营性预算中，在资产负债表上资产费用少于100% |
与通过银行贷款、负债融资买入相比仍然是一个重要的好处，尤其是对于中小型实体以及资本来源有限的非投资级别承租人 |
|
低成本资金 |
由税收优惠、残值以及出租人低成本资金带来的低支付/率；隐含的抵押资产净值vs. 资本化的租赁金额比借款购买时需要的实际抵押资产净值少 |
与银行贷款和拥有资产相比仍然是有利的 |
|
税收优惠 |
承租人不能使用税收优惠，租赁或购买的分析表明租赁选项具有最低的税后现值成本 |
仍然是有利的 |
|
资产管理、残值风险转移 |
承租人有归还资产的灵活性 |
仍然是有利的 |
|
服务 |
租赁资产的外包服务 |
仍然是有利的 |
|
便利性 |
通常在销售点就可获得的快速简单的融资程序 |
仍然是有利的 |
|
监管 |
资本问题 |
仍然是有利的，因为监管者应该仍把ROU资产作为“自由资本”由于他们是一种会计诡计并且在破产清算中不算作是一项资产 |
|
会计 |
不在资产负债表上 |
仍然是有部分的好处，体现在现值资本化金额小于资产成本的情况下，应该适用于高残值资产和税收优惠影响时 |
以下是原文：
NEW LEASEACCOUNTING STANDARD’S IMPACT ON THE LEASE VS. BUY DECISION
Note: Thisis the first article in a four-part series of articles featured in theQuickBrief e-newsletter designed to help ELFA members prepare for the new leaseaccounting rules. The new rules are scheduled to take effect for financialperiods starting after Dec. 15, 2018, for public companies and after Dec. 15,2019, for private companies. This article is excerpted from information onELFA’s Lease Accountingwebpage.
Under the new lease accounting standard, the reasons why businesses leaseand the benefits they attain will not change. There are many business reasonswhy customers lease when the alternative to a lease is to borrow to buy theasset. The key business reasons to lease rather than borrow to purchase anasset are:
· No money down and immediate use of theleased asset vs. a loan typically requiring a down payment
· Avoid using capital to acquire anon-core business asset
· Level fixed-rate payments over a termthat closely match the asset useful life
· Outsourcing service in a full servicelease for more cost effective, easier management
· Transfer of asset disposal to the lessor
· Convenience: a lease is often point ofsale “financing” with a simple, quick process for approval.
· Leasing provides a hedge againstobsolescence.
Some of the financial reasons why customers would not borrow to purchasean asset are:
· The customer many not qualify for a loanfrom a bank
· The loan interest rate will be floatingand may be high
· A down payment may be required
· The term and loan payments may not fitthe customer’s cash management budget
· Full asset cost is on balance sheet,reducing ROA which is often the basis for compensation and investment evaluation
· The loan IS debt which may violate debtcovenants
· The costs are front ended (imputedinterest and straight line depreciation)
The following chart is a summary of the general reasons why customerslease and how those reasons fare under the new FASB rules:
|
Reason for Leasing |
Details |
Status Under New Rules |
|
Raise Capital |
Additional capital source, 100% financing, fixed rate, level payments, longer payment terms, avoid impacting debt limit covenants, lease cost in operating budget, less than 100% of the asset cost on balance sheet |
Still a major benefit versus buying financed by a bank loan/debt especially for small and medium-sized entities and non-investment grade lessees with limited sources of capital |
|
Low cost capital |
Low payments/rate due to tax benefits, residual and lessor low cost of funds; implied equity vs. the capitalized lease amount is less than actual equity required when borrowing to buy |
Still a benefit versus a bank loan and owning the asset |
|
Tax benefits |
Lessee can’t use tax benefits and the lease vs. buy analysis shows lease option has lowest after tax present valued cost |
Still a benefit |
|
Manage assets/residual risk transfer |
Lessee has flexibility to return asset |
Still a benefit |
|
Service |
Outsource servicing of the leased assets. |
Still a benefit |
|
Convenience |
Quick and easy financing process often available at point-of-sale |
Still a benefit |
|
Regulatory |
Capital issues |
Still a benefit as regulators should still treat ROU assets as “capital free” as they are an accounting contrivance and do not represent an asset in a bankruptcy liquidation |
|
Accounting |
Off balance sheet |
Still a partial benefit if the present valued capitalized amount is less than the cost of the asset, should be true for high residual assets and the impact of tax benefits |
