自主學(xué)習(xí)階段講義14配套a4a5ifrs

IFRS16IdentifyingaAcontractis,orcontains,aleaseifthecontractconveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchangeforconsideration.物理可區(qū)分Physicallydistinctfrom實質(zhì)性替換權(quán)substitutetheunderlyingEvenifanassetisspecified,Acustomerdoesnotcontroltheuseofanidentifiedassetifthe rcansubstitutetheunderlyingassetforanotherassetduringtheleasetermandwouldbenefiteconomicallyfrom ngso.righttocontroltheTherighttocontroltheuseofanidentifiedassetdependsonthelesseehaving:Therighttoobtainsubstantiallyalloftheeconomicbenefitsfromuseoftheidentifiedasset;andTherighttodirecttheuseoftheidentifiedasset.Thisarisesifeither:Thecustomerhastherighttodirecthowandforwhatpurposetheassetisusedduringthewholeofitsperiodofuse,orTherelevantdecisionsaboutusearepre-determinedandthecustomercanoperatetheassetwithoutthe rhavingtherighttochangethoseoperatinginstructionsEx-IsitaleaseCoketownCouncilhasenteredintoafive-yearcontractwithCarefleetCo,underwhichCarefleetCo sthecouncilwithtenvehiclesforthepurposesofcommunitytransport.CarefleetCoownstherelevantvehicle,alltenofwhicharespecifiedinthecontract.CoketownCouncildeterminestheroutestakenforcommunitytransportandthechargesandeligibilityfordiscounts.Thecouncilcanchoosetousethevehiclesforpurposesotherthancommunitytransport.Whenthevehiclesarenotbeingused,theyarekeptatthecouncil’sofficesandcannotberetrievedbyCarefleetunlessCoketownCouncildefaultsonpayment.Ifavehicleneedstobeservicedorrepaired,Carefleetisobligedtoprovideatemporary cementvehicleofthesameConclusion:thisisaThereisanidentifiedasset,thetenvehiclesspecifiedinthecontract.Thecouncilhasarighttousethevehiclesfortheperiodofthecontract.CarefleetCodoesnothavetherighttosubstituteanyofthevehiclesunlesstheyarebeingservicedorThereforeCoketownCouncilwouldneedtorecogniseanassetandliabililtyinitsstatementoffinancialposition.Ex2-IsitaleaseBroketownCouncilhasrecentlymadesubstantialcutstoitscommunitytransportservice.Itwillnowprovidesuchservicesonlyincasesofgreatneed,assessedonacasebycasebasis.Ithasenteredintoatwo-yearcontractwithFleetcarCofortheuseofoneofitsminibusesforthispurpose.Theminibusmustseattenpeople,butFleetcarCocanuseanyofitsten-seaterminibuseswhenrequired.Conclusion:thisisnotalease.Thereisnoidentifiedasset.Fleetcarcanexchangeoneminibusforanother.Therefore,Broketowncouncilshouldaccountfortherentalpaymentsasanexpenseinprofitorloss.Ex3-IsitaleaseKabalentersintoaten-yearcontractwitha enew)fortherighttousethreespecified,physicallydistinctdarkfibreswithinalargercableconnectingNorthTowntoSouthTown.Kabalmakesthedecisionsabouttheuseofthefibresbyconnectingeachendofthefibrestoitselectronicequipment(ieKabal'lights'thefibresanddecideswhatdata,andhowmuchdata,thosefibreswilltransport).Ifthefibresaredamaged, enewisresponsiblefortherepairsandmaintenance. enewownsextrafibres,butcansubstitutethoseforKabal’sfibresonlyforreasonsofrepairs,maintenanceofmalfunction(andisobligedtosubstitutethefibresinthesecases).Conclusion:thisisalease.Thecontractcontainsaleaseofdarkfibres.Kabalhastherighttousethethreedarkfibresfortenyears.Therearethreeidentifiedfibres.Thefibresareexplicitlyspecifiedinthecontractandarephysicallydistinctfromotherfibreswithinthecable. enewcannotsubstitutethefibresotherthanforreasonsofrepairs,maintenanceormalfunction.Kabalhastherighttocontroltheuseofthefibresthroughouttheten-yearperiodofuseRecognitionInsteadofapplyingtherecognitionrequirementsofIFRS16describedbelow,alesseemayelecttoaccountforleasepaymentsasanexpenseonastraight-linebasisovertheleasetermoranothersystematicbasisforthefollowingtwotypesofleasesShort-termleases.Theseareleaseswithaleasetermoftwelvemonthsorless.Thiselectionismadebyclassofunderlyingasset.Aleasethatcontainsapurchaseoptioncannotbeashort-termlease.Lowvalueleases.Theseareleaseswheretheunderlyingassethasalowvaluewhennew.Theassessmentofwhetheranunderlyingassetisoflowvalueisperformedonanabsolute準(zhǔn)則應(yīng)用指南例 通常，辦公筆記本電腦全新時的單獨(dú)價格不超 5000元，普通辦公家具的單獨(dú)價格不 10000元 的單獨(dú)價格不超 服務(wù)器單個組件的單獨(dú)價格不超 10000元 40000元。 Example:leasesoflow-valueassetsandportfolioIFRS16IllustrativeExample11isofalesseeinthepharmaceuticalmanufacturinganddistributionindustry,withleasesincludingtheLeasesofITequipmentforusebyindividualemployees(suchaslaptopcomputers,desktopcomputers,handheldcomputerdevices,desktopprintersand Leasesofservers,includingmanyindividualmodulesthatincreasethestoragecapacityofthoseservers.ThemoduleshavebeenaddedtothemainframeserversovertimeasthelesseehasneededtoincreasethestoragecapacityoftheserversLeasesofofficeOfficefurnituresuchasdesks,chairsandWater determinesthattheleasesofITequipmenttoindividualemployeesandofficefurnitureandwaterdispensersqualifyasleasesoflow-valueassetsonthebasisthattheunderlyingassets,whennew,areindividuallyoflowvalue.However,althougheachmodulewithintheservers,ifconsideredindividually,mightbeanassetoflowvalue,theleasesofmoduleswithintheserversdonotqualifyasleasesoflow-valueassets.Thisisbecauseeachmoduleishighlyinterrelatedwithotherpartsoftheservers.Thelesseewouldnotleasethemoduleswithoutalsoleasingtheservers.Accordingly,thewouldapplytherecognitionandrequirementsofIFRS16totheSeparatingcomponentsofaInthecaseofcontractswithbothaleasecomponentandanon-leasecomponent,entitiesmustaccountfortheleasecomponentofthecontractsepara yfromthenon-leasecomponent(IFRS16:Para12)Theconsiderationinthecontractisallocatedonthebasisofthestand-alonepricesoftheleasecomponent(s)andthenon-leaseTheentitymustsplittherentalorleasepaymentAccountfortheleasecomponentunderIFRS16,Accountfortheserviceselement y,generallyasexpenseinprofitorExample:separatingcomponentsofaLiveryColeasesadeliveryvanfromBattaleaseCoforthreeyearsat$12,000peryear.ThispaymentincludesservicingLiverycouldleasethesamemakeandmodelofvanfor$11,000peryearandwouldneedtopay$2,000ayearforLiveryCowouldallocate$10,154($12,000×$11,000$(11,000+2,000)totheleasecomponentandaccountforthatasaleaseunderIFRS16.LiveryCowouldallocate$1,846($12,000×$2,000$(11,000+2,000)totheservingcomponentandrecogniseitinprofitorlossasanexpense.準(zhǔn)則應(yīng)用指南例甲公司（客戶）與乙公司（供應(yīng)方）簽訂了使用一架指定飛機(jī)的兩年期合同合同規(guī)定，乙公司在兩年合同期內(nèi)可以隨時替換飛機(jī)成本高昂。準(zhǔn)則應(yīng)用指南例 了卡車，并規(guī)定在合同期內(nèi)該卡車只允許用于合車可行駛的最大里程。司可在合同規(guī)定的范圍內(nèi)公司主導(dǎo)了卡車的使用，司通過控制卡車準(zhǔn)則應(yīng)用指南例 分析：本例 鋪已識別資產(chǎn)。 ） 使用商鋪， 從 表 礙 商鋪了 ， ， 合 司在5年使用期有權(quán)改變這些決定。因此司有權(quán)主導(dǎo)商鋪A的使用。盡管清潔、安保和服基于上述分析可以得出結(jié)論，該合同包含商鋪A的租賃，司擁有商鋪A5準(zhǔn)則應(yīng)用指南例 準(zhǔn)則應(yīng)用指南例家符合司需求的工廠，且乙公司無法用另一家工廠生產(chǎn)的西裝供貨或從第公司西裝供貨。乙公司工廠的產(chǎn)能超過與司簽訂的合同中的數(shù)量（即司未就 單憑司無權(quán)獲得使用工廠所產(chǎn)生的幾乎全部經(jīng)濟(jì)利益這一事實，或單憑司無權(quán)主導(dǎo)工廠的使用這一事實，均足以判斷司在使Pilotpaper2Q3(a)iiCalendarhasareportingdateof31December20X7.ItpreparesitsfinancialstatementsinaccordancewithInternationalFinancialReportingStandards.AnewaccountanthasrecentlyjoinedCalendar’sfinancedepartmentandhasraisedanumberofqueries.Whilesearchingforsome s,theaccountantfoundacontractwhichCalendarhadenteredintoon1January20X7withDiary,anotherentity.ThecontractallowsCalendartouseaspecificaircraftownedbyDiaryforaperiodofthreeyears.CalendarisrequiredtomakeannualOn1January20X7,costswereincurrednegotiatingthecontract.Thefirstannualpaymentwasmadeon31December20X7.Bothoftheseamountshavebeenexpensedtothestatementofprofitorloss.Therearecontractualrestrictionsconcerningwheretheaircraftcanfly.Subjecttothoserestrictions,Calendardetermineswhereandwhentheaircraftwillfly,andthecargoandpassengerswhichwillbetransported.Diaryispermittedtosubstitutetheaircraftatanytimeduringthethree-yearperiodforanalternativemodelandmustre cetheaircraftifitisnotworking.Anysubstituteaircraftmustmeetstrictinteriorandexteriorspecificationsoutlinedinthecontract.TherearesignificantcostsinvolvedinoutfittinganaircrafttomeetCalendar’sspecifications.Theaccountantrequiresadviceastothecorrectaccountingtreatmentofthiscontract.(9marks)Required:AdvisetheaccountantonthematterssetoutabovewithreferencetoInternationalFinancialReportingStandards.IFRS16Leasessaysthatacontractcontainsaleaseifitconveystherighttocontroltheuseofanidentifiedassetforaperiodoftimeinexchangeforconsideration.Calendarhastherighttouseaspecifiedaircraftforthreeyearsinexchangeforannualpayments.AlthoughDiarycansubstitutetheaircraftforanalternative,thecostsof ngsowouldbeprohibitivebecauseofthestrictspecificationsoutlinedinthecontract.Whendecidingifacontractinvolvestherighttocontrolanasset,thecustomermustassesswhethertheyhave:Therighttosubstantiallyalloftheidentifiedasset’seconomicTherighttodirecttheasset’sCalendarappearstohavecontrolovertheaircraftduringthethree-yearperiodbecausenootherpartiescanusetheaircraftduringthistime,andCalendarmakeskeydecisionsabouttheaircraft’sdestinationsandthecargoandpassengerswhichitTherearesomelegalandcontractualrestrictionswhichlimittheaircraft’suse.TheseprotectiverightsdefinethescopeofCalendar’srightofusebutdonotpreventitfromhavingtherighttodirecttheuseoftheaircraft.Basedontheabove,thecontractcontainsalease.IFRS16permitsexemptionsforleasesoflessthan12monthsorleasesoflowvalue.However,thisleasecontractisforthreeyears,soisnotshortterm,andisforahighvalueassetsoaleaseliabilityshouldhavebeenrecognisedatcontractinception.Theleaseliabilityshouldequalthepresentvalueofthepaymentsyettobemade,usingthediscountrateimplicitinthelease.Afinancecostaccruesovertheyear,whichischargedtoprofitorlossandaddedtothecarryingamountoftheleaseliability.Theyear-endcashpaymentshouldberemovedfromprofitorlossanddeductedfromthecarryingamountoftheliability.Aright-of-useassetshouldhavebeenrecognisedatthecontractinceptionatanamountequaltotheinitialvalueoftheleaseliabilityplustheinitialcoststoCalendarofnegotiatingthelease.Theright-of-useassetshouldbedepreciatedovertheleasetermofthreeyearsandsooneyear’sdepreciationshouldbechargedtoprofitorloss.LesseeIFRS16introducesasinglelesseeaccountingmodelandrequiresalesseetorecogniseassetsandliabilitiesforallleaseswithatermofmorethantwelvemonths,unlesstheunderlyingassetisoflowInitialmeasurementoftheleaseAtthecommencementdatetheleaseliabilityismeasuredatthepresentvalueoffutureleasepayments,includinganyexpectedpaymentsattheendofthelease,discountedattheinterestrateimplicitinthelease.Ifthatratecannotbereadilydetermined,thelessee’sincrementalborrowingrateshouldbeusedSubsequentmeasurementofleaseAfterthecommencementdatethecarryingamountoftheleaseliabilityisincreasedbyinterestchargesontheoutstandingliabilityandreducedbyleasepaymentsmade.Initialmeasurementoftheright-of-useAtthecommencementdatetheright-of-useassetismeasuredcost.ThisTheamountoftheinitialmeasurementoftheleaseAnyleasepaymentsmadebeforethecommencementlessanyleaseincentivesAnyinitialdirectcostsincurredbytheAnycostswhichthelesseewillincurfordismantlingandremovingtheunderlyingassetorrestoringthesiteattheendoftheleasetermAfterthecommencementdatetheright-of-useassetshouldbemeasuredusingthecostmodelinIAS16,unlessitisaninvestmentpropertyorbelongstoaclassofassetstowhichtherevaluationmodelappliesIftheleasetransfersownershipoftheunderlyingassetattheendoftheleasetermorifthecostreflectsapurchaseoptionwhichthelesseeisexpectedtoexercise,theright-of-useassetshouldbedepreciatedovertheusefullifeoftheunderlyingIfthereisnotransferofownershipandnopurchaseoption,theright-of-useassetshouldbedepreciatedfromthecommencementdatetotheearlieroftheendoftheusefullifeandtheendoftheleaseterm.Alesseeentersintoafive-yearleaseofabuildingwhichhasaremainingusefullifeoftenyears.Leasepaymentsare$50,000perannum,payableatthebeginningofeachyear.Thelesseeincursinitialdirectcostsof$20,000andreceivesleaseincentivesof$5,000.Thereisnotransferoftheassetattheendoftheleaseandnopurchaseoption.Theinterestrateimplicitintheleaseisnotimmediaydeterminablebutthelessee’sincrementalborrowingrateis5%.Atthecommencementdatethelesseepaystheinitial$50,000,incursthedirectcostsandreceivestheleaseincentives.Theleaseliabilityismeasuredatthepresentvalueoftheremainingfourpayments:$Assetsandliabilitieswillinitiallyberecognizedas$

$Right-of-useInitialpaymentDiscountedliabilityInitialdirectcostsIncentivesreceivedLease

Attheendofyear1theliabilitywillbemeasured$OpeningInterestCurrentNon-currentTherightofuseassetwillbedepreciatedoverfiveyears,beingtheshorteroftheleasetermandtheusefullifeoftheunderlyingasset.Nowwewillseehowthiswouldworkoutiftheleasepaymentsweremadeinarrears.Atthecommencementdatethelesseewouldincurthedirectcostsandreceivetheleaseincentives.Theleasewouldbemeasuredatthepresentvalueoffive$Assetsandliabilitieswouldberecognizedas$

$Right-of-useasset:DiscountedliabilityDirectcostsLeaseLease

Attheendofyear1theliabilitywillbemeasured$OpeningInterestLeasepaymentyearInordertoascertainthesplitbetweennon-currentandcurrentliabilities,weworkoutthebalanceattheendofyear2:$OpeningInterestLeasepaymentyearThestatementoffinancialpositionwill$Non-currentCurrentliability(177,297-Notethatwhenpaymentsaremadeinarrearsthenextinstalmentduewillcontaininterest,sothisiseffectivelydeductedtoarriveatthecapitalrepayment.3Inthestatementoffinancialpositionright-of-useassetscanbepresentedonaseparatelineundernon-currentassetsortheycanbeincludedinthetotalofcorrespondingunderlyingassetsanddisclosedinthenotes.Leaseliabilitiesshouldbeeitherpresentedsepara yfromotherliabilitiesordisclosedinthenotesIFRSS16doesnotspecifythatleaseliabilitiesshouldbesplitbetweennon-currentandcurrentliabilities,butthisshouldbedoneasbestpractice.拓展提高LeaseliabilityTheleaseliabilitycashflowstobediscountedincludethefollowing（IFRS16:para.27):Fixedpaymentsandin-substancefixedVariablepaymentsthatdependonanindex(egCPI)orrate(egmarketAmountsexpectedtobepayableunderresidualvalueguarantees(egwherealesseeguaranteestothelessorthatanassetwillbeworthaspecifiedamountattheendofthelease)Purchaseoptions(ifreasonablycertaintobeOthervariablepayments(egpaymentsthatariseduetolevelofuseoftheassetareaccountedforasperiodcostsinprofitorlossasincurred(IFRS16:para.38) 金為1000000元。分析：本例中，該租賃包含每年1000000的實質(zhì)固定付款額。該金額不是取決于銷售額的可變付款額。因為司是一家知名零售商，根據(jù)租賃合同，司應(yīng)在正常工作時間內(nèi)經(jīng)營該商店，所以司開設(shè)的這家商店不可能不發(fā)生銷準(zhǔn)則應(yīng)用指南例 為10000元；如 為16000元；該卡車1個月內(nèi)的行駛里 額10000元是不可避免的。因此，月付款額10000元屬于實質(zhì)固定付款額，應(yīng)被納入租賃負(fù)債的初始計量中準(zhǔn)則應(yīng)用指南例 每年的租賃付款額為50000元，于每年年初支付。合同規(guī)定，租賃付款額在租賃期開始日后每兩年基于過去分析：司在初始計量租賃負(fù)債時，始日的消費(fèi)者物價指數(shù)確定租賃付款額度因消費(fèi)者物價指數(shù)而導(dǎo)致的變動作出估計。因此，在租賃期開始日，司應(yīng)以每年50000元的租賃付準(zhǔn)則應(yīng)用指南例 司商鋪當(dāng)年銷售額超過1000000元的，當(dāng)年應(yīng)再支付 設(shè)在租賃的第3年，該商鋪的銷售額為1500000元。 年年末應(yīng)支付的可變租賃付款額為30000元（即，1500000×2% 借：營業(yè)成本（或銷售費(fèi)用

30

30準(zhǔn)則應(yīng)用指南例 租賃期結(jié)束時的公允價值低于40000元，則 司需向乙公司支付40000元與汽車公允價值之間的差額，因此 司在該擔(dān)保余值下的最大敞口為40000元 期結(jié)束時的公允價值為40000元，即 Theleaseliabilityisremeasured(ifnecessary)foranyreassessmentofamountspayable(IFRS16:para.39)Therevisedleasepaymentsarediscountedusingheoriginaldiscountinterestratewherethechangerelatestoanexpectedpaymentonaresidualvalueguaranteeorpaymentslinkedtoanindexorrate(andareviseddiscountratewherethereisachangeinleaseterm,purchaseoptionorpaymentslinkedtoafloatinginterestrate)(IFRS16:paras.40-43)Thechangeintheleaseliabilityisrecognisedasanadjustmenttotheright-of-useasset(forinprofitorlossiftheright-of-useassetisreducedtozero)(IFRS16:para.準(zhǔn)則應(yīng)用指南例 10年的不動產(chǎn)租賃合同，每年的租賃付款額為50000元， 理以及支付第3年的租賃付款額之前，租賃負(fù)債為339320元［即，50000×（P/A，5%，7）］調(diào)整后的第3年租賃付款額為54000元（50的變動，而導(dǎo)致未來租賃付款額發(fā)生變動，司應(yīng)當(dāng)于額，即租賃負(fù)債應(yīng)當(dāng)以每年54000元的租賃付款額（剩余8筆）為基礎(chǔ)進(jìn)行重新計量。在第3年年初，司按54000元的租賃付款現(xiàn)率（即5%）進(jìn)行折現(xiàn)，為366466元［即，54000 27146元，即重新計量后的租賃負(fù)債（366466元）與重新計量前的租賃負(fù)債（339320元）之間的差額。不考慮 27

432000（4Example:revisionoflease(AdaptedfromillustrativeExample13ofIFRSLesterentersintoaten-yearleaseofafloorofabuilding,withanoptiontoextendforfiveyears.Leasepaymentsare$50,000peryearduringtheinitialtermand$55,000peryearduringtheoptionalperiod,allpayableatthebeginningofeachyear.Theinterestrateimplicitintheleasewasnotreadilydeterminable.Lester’sincrementalborrowingratewas5percentperannum.Lesterisnowinthesixthyearoftheten-yearlease,withitsoptiontorenewforanotherfiveyears.Theoptionalperiodhasnotbeenincludedintheinitialassessmentoftheleaseterm.LesteracquiresWester,whichhasbeenleasingafloorinanotherbuilding.TheleaseenteredintobyWestercontainsaterminationoptionthatisexercisablebyWester.FollowingtheacquisitionofWester,Lesterneedstwofloorsinabuildingsuitablefortheincreasedwork combinedcompanies.Tominimisecosts,Lester(a)entersintoaseparateeight-yearleaseofanotherfloorinthebuildingitcurrentlyoccupiesthatwillbeavailableforuseattheendofYear7and(b)terminatesearlytheleaseenteredintobyWesterwitheffectfromthebeginningofYear8.WesterwillthenmoveintothenewfloorleasedbyLester’sincrementalborrowingrateattheendofYear6is6percentperannum.MovingWester’sstafftothesamebuildingoccupiedbyLestercreatesaneconomicincentiveforLestertoextenditsoriginalleaseattheendofthenon-cancellableperiodoftenTheacquisitionofWesterandthereldedinitsdeterminationoftheleaseterm.ocationofWester’sstaffisasignificanteventthatiswithinthecontrolofLesterandaffectswhetherLesterisreasonablycertaintoexercisetheextensionoptionnotpreviouslyincluThisisbecausetheoriginalfloorhasgreaterutility(andthusprovidesgreaterbenefits)toLesterthanalternativeassetsthatcouldbeleasedforasimilaramounttotheleasepaymentsfortheoptionalperiod-Lesterwouldincuradditionalcostsifitweretoleaseasimilarfloorinadifferentbuildingbecausethe wouldbelocatedindifferentbuildings.Consequently,attheendofYear6,Lesterconcludedthatitisnowreasonablycertaintoexercisetheoptiontoextenditsoriginalleaseasaresultofitsacquisitionand relocationofWester.Lesterremeasurestheleaseliabilityatthepresentvalueoffourpaymentsof$50,000followedbyfivepaymentsof$55,000,alldiscountedatthereviseddiscountrateof6percentannum.（4）選擇權(quán)、續(xù)租選擇權(quán)或終止租賃選擇權(quán)的評①發(fā)生承租人可控范圍內(nèi)的重大或變化，且影響 選擇權(quán)的，承租人應(yīng) 準(zhǔn)則應(yīng)用指南例 10000元。 在租賃期結(jié)束時以300000元 600000元， 的變化，不在司的可控范圍內(nèi)。因此，雖然該事項導(dǎo)致選擇權(quán)的評估結(jié)果發(fā)生變化，但司不 SaleandAsaleandleasebacktransactioninvolvesthesaleofanassetandtheleasingbackofthesameasset.IFRS16requiresaninitialassessmenttobemaderegardingwhetherornotthetransferconstitutesasale.ThisisdonebydeterminingwhentheperformanceobligationissatisfiedinaccordancewithIFRS15RevenuefromContractswithTransferisnotaIfthetransferdoesnotsatisfytheIFRS15requirementstobeaccountedforasasale,thesellercontinuestorecognisethetransferredassetandthetransferproceedsaretreatedasafinancialliability,accountedforinaccordancewithIFRS9.Thetransactionismoreinthenatureofasecured 24000000元的價格向 的賬面原值是24000000元，累計折舊是4000000元。與 為2000 在銷售當(dāng)日的公允價值為36000000元。

2400024000

2400024000TransferisaIfthetransfersatisfiestheIFRS15requirementtobeaccountedforasasale:Theseller/lesseemeasurestheright-of-useassetarisingfromtheleasebackattheproportionofthepreviouscarryingamountoftheassetthatrelatestotheright-of-useretainedbytheseller/lessee.Theseller/lesseeonlyrecognisestheamountofanygainorlossonthesalethatrelatestotherightstransferredtothebuyer.CapitalCoenteredintoasaleandleasebackon1April20X7.Itsoldalathewithacarryingamountof$300,000for$400,000(equivalenttofairvalue)andleaseditbackoverafive-yearperiod,equivalenttoitsremainingusefullife.ThetransactionconstitutesasaleinaccordancewithIFRS15.Theleaseprovidedforfiveannualpaymentsinarrears$90,000.TherateofinterestimplicitintheleaseinWhataretheamountstoberecognizedinthefinancialstatementsat31March20X8inrespectofthistransaction.Theleaseliabilityatcommencementwill$MJ:Retain%=L.L/FV=389,652/400,000MJ:Retain%=L.L/FV=389,652/400,000=Theinitialpostingwill Rightofuse Underlying Gainon Theinitialpostingwill$$RightofuseUnderlyingGainon$StatementofprofitorGainonInterestStatementoffinancialNon-currentRight-of-useNon-currentLeaseCurrentLeaseliability(319,135-$1AprilInterestInstalmentBalance31MarchInterestInstalmentBalance31MarchCurrentliabilitiesreflecttheamountofthefinanceleaseliabilitythatwilleduewithin12months. Ifthefairvalueoftheconsiderationforthesaledoesnotequalthefairvalueoftheasset,oriftheleasepaymentsarenotatmarketrates,thefollowingadjustmentsshouldbemade:Anybelow-markettermsshouldbeaccountedforasaprepaymentofleasepayments(theshortfallinconsiderationreceivedfromthelessoristreatedasaleasepaymentmadebythelessee)Anyabove-markettermsareaccountedforasadditionalfinancingprovidedbythebuyer/lessor(theadditionalamountpaidbythelessoristreatedasadditionalliability,notasgainonthesale)Example:SaleandTheseller/lesseesellsabuildingtothebuyer/lessorfor$800,000cash.Thecarryingamountofthebuildingpriortothesalewas$600,000.Theseller/lesseearrangestoleasethebuildingbackforfiveyearsat$120,000perannum,payableinarrears.Theremainingusefullifeis15years.ThetransactionsatisfiestheperformanceobligationsinIFRS15,sowillbeaccountedforasasaleandleaseback.Atthedateofsalethefairvalueofthebuildingwas$750,000,sotheexcess$50,000paidbythebuyerisrecognizedasadditionalfinancingprovidedbythebuyer/lessor.Theinterestrateimplicitintheleaseis4.5%andthepresentvalueoftheannualpaymentsis:$Ofthis,$476,797relatestotheleaseand$50,000relatestotheadditionalfinancing.Atthecommencementdate,theseller/lesseemeasurestheright-of-useassetarisingfromtheleasebackofthebuildingattheproportionofthepreviouscarryingamountofthebuildingthatrelatestotheright-of-useretained.Thisiscalculatedascarryingamount*discountedleasepayments/fairvalue.InourTheseller/lesseeonlyrecognisestheamountofgainthatrelatestotherightstransferred.Thegainonsaleofthebuildingis$150,000(750,000-600,000),of150,000*476,797/750,000=$95,360——relatestotherightsThebalance-150,000-95,360=$54,640——relatestotherightstransferredtothebuyer.Atthecommencementdatethelesseeaccountsforthetransactionasfollows:$$Right-of-useFinancialGainonrightsTheright-of-useassetwillbedepreciatedoverfiveyears,thegainwillberecognizedinprofitorlossandthefinancialliabilitywillbeincreasedeachyearbytheinterestchargeandreducedbytheleasepayments.$$Right-of-useFinancialGainonrightsTheright-of-useassetwillbedepreciatedoverfiveyears,thegainwillberecognizedinprofitorlossandthefinancialliabilitywillbeincreasedeachyearbytheinterestchargeandreducedbytheleasepayments.2020/032020/03LeriaCoisaninternationallysuccessfulfootballclub.LeriaCoispreparingthefinancialstatementsfortheyearending31October20X5butiscurrentlyfacingliquidityproblems.Stadiumsale/leasebackandLeriaCohasenteredintoacontractregardingitsstadiumwherebyitwillsellthestadiumon30November20X6andimmedia yleaseitback.ThedirectorsofLeriaCowishtoclassifythestadiumasanon-currentasset'heldforsale'initsfinancialstatementsfortheyearended31October20X5astheybelievethesaletobehighlyprobableatthatdate.Thesalecontractrequiresthedisposalofthestadiumforitsfairvalue(marketvalue)of$30millionandforLeriaCotoleaseitbackover10years.Thepresentvalueoftheleasepaymentsatmarketrateson30November20X6willbe$26million.Themarketvalueforastadiumofthistypehasnotchangedinseveralyearsandisunlikelytochangeinthenearfuture.Thestadiumisbeingdepreciatedby5%perannumusingthereducingbalancemethod.Intheyearto31October20X6,itisanticipatedthat$2millionwillbespenttoimprovethecrowdbarriersinthestadium.Thereisnolegalrequirementtoimprovethecrowdbarriers.LeriaCohasincorrectlytreatedthisamountasareductionoftheasset'scarryingamountat31October20X5andthecorrespondingdebithasbeenmadetoprofitorloss.At31October20X5,thecarryingamountofthestadium,afterdepreciationanddeductionofthecrowdbarrierimprovements,is$18million.DiscusswithreferencetoInternationalFinancialReportingStandardswhetherthedirectorscanclassifythestadiumasheldforsaleat31OctoberLeriaCo'saccountingtreatmentofthecrowdbarrierimprovementsat31October20X5;theprinciplesoftheaccountingtreatmentforthesaleandleasebackofthestadiumat30November20X6.(13marks)IFRS5Non-currentAssetsHeldforSaleandDis addressestheaccountingforassetswhichareclassifiedasheldforsale.IFRS5requiresanon-currentassettobeclassifiedasheldforsaleifitscarryingamountwillberecoveredprincipallythroughasaletransactionratherthanthroughitscontinuinguse.Itmustbeava