毕马威-租赁——确定折现率（英文版）.pdf

Leases Discount ratesWhat’s the correct rate?IFRS 16September 2017 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.Determining the correct rateIFRS 16 Leases requires lessees to bring most leases onto the balance sheet. The new assets and liabilities are initially measured at the present value of the lease payments. But discounted at what rate? This question will be at the heart of many transition projects particularly for lessees. The discount rate affects the amount of the lessee’s lease liabilities – and a host of key financial ratios. The new standard brings forward definitions of discount rates from the current leases standard. But applying these old definitions in the new world of on-balance sheet lease accounting will be tough, especially for lessees. They now need to determine discount rates for most leases previously classified as operating leases. Determining the appropriate discount rate will be particularly demanding at transition. Identifying appropriate discount rates and documenting the basis for these determinations will be a major task – particularly for a company brave enough to adopt the new standard retrospectively.This publication provides an overview of how to determine the appropriate discount rate and how this will affect your financial statements. We hope it will help you as you prepare to adopt the new standard.Kimber BascomRamon JubelsSylvie LegerBrian O’DonovanKPMG’s global IFRS leases leadership teamKPMG International Standards Group2 | Leases Discount rates© 2017 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.1 At a glanceDetermining the appropriate discount rate is a key area of judgement.1.1 Key factsLessorsIFRS 16.63(d), 68 A lessor uses the interest rate implicit in the lease for the purposes of lease classification and to measure the net investment in a finance lease.IFRS 16.A The interest rate ‘implicit’ in the lease is the discount rate at which:– the sum of the present value of (i) the lease payments and (ii) the unguaranteed residual value equals– the sum of (i) the fair value of the underlying asset and (ii) any initial direct costs of the lessor.LesseesIFRS 16.26 A lessee discounts the lease payments using the interest rate implicit in the lease if this can be readily determined. Otherwise, the lessee uses its incremental borrowing rate.IFRS 16.A The lessee’s ‘incremental borrowing rate’ is the rate of interest that a lessee would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.IFRS 16.BC161 That is, the lessee’s incremental borrowing rate is specific to:– the lessee: it is a company-specific rate;– the term of the arrangement: this will typically be the lease term, unless the lease payments are paid up-front;– the amount of the funds ‘borrowed’;– the ‘security’ granted to the lessor: i.e. the nature and quality of the underlying asset; and– the economic environment: i.e. the jurisdiction and the time at which the lease is entered into, and the currency in which the lease payments are denominated.IFRS 16.5 A lessee is required to identify a discount rate for all leases other than those for which it elects to apply the recognition exemptions for short-term leases and leases in which the underlying item is of low value.© 2017 KPMG IFRG Limited, a UK company, limited by guarantee. All rights reserved.1.2 Key impactsIncreased focus on determining the appropriate discount rate. Lessees will need to identify discount rates for most leases, including those previously classified as operating leases under IAS 17 Leases. The exceptions are leases for which the lessee applies the recognition exemptions.Many lessee financial ratios will be sensitive to the discount rate. While not a free choice, using a higher discount rate will reduce reported liabilities, but other financial ratios will also be affected.RatioImpact of a higher discount rate for a given leaseGearing/leverageLower, due to lower lease liabilitiesAsset turnoverHigher, because the right-of-use asset and therefore total assets will be lowerCurrent ratioHigher, because the current portion of the lease liability will be lowerOperating profit/earnings before interest and tax (EBIT)Higher, because depreciation will be lowerEarnings before interest, tax, depreciation and amortisation (EBITDA)Unchanged, because depreciation and interest are both excluded in calculating EBITDAInterest coverLower, because interest expense will be higherFor a single lease, a higher discount rate will accentuate the front-loading of total lease expense impacting, for example, the profile of profit before tax (PBT) and earnings per share (EPS) over the lease term. This is because a higher discount rate reduces total depreciation expense (typically recognised on a straight-line basis) a。