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1、Applying IFRS in telecommunications IASB issues new leases standard telecommunications June 2016 1June 2016Applying IFRS - IASB issues new leases standard telecommunications Contents What you need to know The IASB has issued a new leases standard that requires lessees to recognise most leases on the
2、ir balance sheets. For telecommunications entities, this means recognising assets and liabilities for most leases of property, plant and equipment, including signal transmission devices (e.g., transponders), mobile towers and office equipment that they may currently account for as operating leases.
3、Lessees will apply a single accounting model for all leases (with certain exemptions). Lessor accounting is substantially unchanged and the IAS 17 classification principle has been carried over to IFRS 16. Telecommunications entities may need to exercise judgement to determine whether a contract is
4、or contains a lease. Most telecommunications entities will be affected, not only because of the impact on their financial statements, but also on their systems and processes. The new standard is effective for annual periods beginning on or after 1 January 2019, with limited early application permitt
5、ed. Overview2 1. Key considerations3 1.1 Scope and scope exclusions3 1.2 Definition of a lease3 1.3 Identifying and separating components of a contract and allocating contract consideration6 2. Lease classification8 3. Lessee accounting8 3.1 Short-term leases recognition exemption8 3.2 Leases of low
6、-value assets recognition exemption9 4. Lessor accounting9 5. Other considerations10 5.1 Sale and leaseback transactions10 5.2 Variable lease payments10 5.3 Lease modifications13 5.4 Effective date and transition14 Next steps14 Appendix A: Lessee accounting example15 2June 2016Applying IFRS - IASB i
7、ssues new leases standard telecommunications Overview Telecommunications (telecom) entities will need to change certain lease accounting practices when implementing IFRS 16 Leases, the new leases standard issued by the International Accounting Standards Board (IASB). IFRS 16 significantly changes th
8、e accounting for leases by lessees and could have far-reaching implications for telecom entities finances and operations. For example, the impact on telecom entities financial reporting, financial ratios and metrics, asset financing, IT systems, processes and controls could be substantial. Lessor ac
9、counting is substantially unchanged from current accounting. As with IAS 17 Leases, IFRS 16 requires lessors to classify their leases into two types: finance and operating leases. Lease classification determines how and when a lessor recognises lease revenue and what assets a lessor records. IFRS 16
10、 requires lessees to recognise most leases on their balance sheets as lease liabilities with corresponding right-of-use assets. Lessees apply a single model for most leases. Generally, the profit or loss recognition pattern will change as interest and depreciation expense is recognised separately in
11、 the statement of profit or loss (similar to todays finance lease accounting). However, lessees can make accounting policy elections to apply accounting similar to IAS 17s operating lease accounting to short term leases and leases of low-value assets. For telecom lessees, recognising lease-related a
12、ssets and liabilities could have significant financial reporting and business implications. Implementing the standard could also require an entity to develop new processes and controls to track and account for leases, including: (1) identifying a lease; (2) initially and subsequently measuring lease
13、-related assets and liabilities; (3) identifying and allocating consideration to the lease and non-lease components; and (4) collecting and aggregating information necessary for disclosure. IFRS 16 is effective for annual periods beginning on or after 1 January 2019. Early application is permitted p
14、rovided the new revenue standard, IFRS 15 Revenue from Contracts with Customers, has been or is applied at the same date as IFRS 16. Lessees must apply IFRS 16 using either a full retrospective or a modified retrospective approach. This publication summarises the new standard and describes some sect
15、or-specific issues telecom entities may want to consider. Like all other entities, they will also need to apply the new standard to leases of office space, office equipment and all other assets within the scope of IFRS 16. Our forthcoming publication, Applying IFRS, A closer look at the IASBs new le
16、ases standard, will provide an in-depth discussion of IFRS 16. We refer to that publication as our General Applying IFRS. Refer to that publication for further information about the technical accounting topics and concepts discussed here. In addition, our IFRS Practical Matters, Leases make their way onto the balance sheet: Navigating the journey for a smooth landing (EYG No. AU3725), is designed to help entities to understand the business impacts of the new standard. Refer to that pu
