The accounting rules for sale and leaseback (S&LB) transactions were the main issue considered in the latest round of re-deliberations of the proposed new global lease accounting standard after last year's second exposure draft (ED2).​

　　去年，全球租賃會計標準草案二公布。最近，新一輪的會計準則修訂正在進行，其中的焦點就是售后回租的會計準則制定問題。​

　　The joint standard setting bodies – the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) – failed to reach agreement on a few of the issues involved and will be returning to them later.​

　　會計準則主要由美國財務會計準則委員會及國際會計準則理事會制定，但最近兩會就一些問題產(chǎn)生了分歧，稍后會解決這些問題。​

　　However, it is already clear that the S&LB rules will be extensive; and in the case of international financial reporting standards (IFRS) they will be more complex than current rules.​

　　然而，現(xiàn)在已經(jīng)明晰的就是售后回租的會計準則內(nèi)容將會十分廣泛；修訂后的國際財務報告準則將會比現(xiàn)行版本更為復雜。​

　　Even though all leases will generally be going on-balance-sheet to the lessee under the new rules, the standard setters seem to feel that S&LB transactions could still be structured to obtain undue accounting advantages in the absence of special rules.​

　　盡管現(xiàn)行準則規(guī)定所有租賃都需要反映在承租人的資產(chǎn)負債表中，但是會計準則制定者似乎認為如果不制定特別準則，售后回租仍存在遞延收益的會計處理問題。​

　　Recognizing a sale​

　　識別出售​

　　The main issue concerns the conditions for both parties to recognize a sale and a return lease. Where a sale is not recognized, the alternative accounting treatment is for the S&LB transaction to be treated as a refinancing of the underlying asset. Under existing rules there are no restrictions on recognizing a sale, except for some real estate leases in US GAAP. As proposed in ED2, the Boards confirmed that the S&LB sale recognition rules will be mainly aligned with the general rules for recognizing sales of assets in the separate converged accounting standard for revenue recognition (Rev Rec). That standard has now been finalized and issued as IFRS 15, or Topic 606 in US GAAP. There will be only a few additional “override” criteria specific to S&LBs in the leasing standard.​

　　兩會分歧焦點在于如何識別出售與回租。如果不能識別出售，那么會計處理就會將售后回租交易認定為標的資產(chǎn)再融資。除美國通用會計準則規(guī)定的部分房地產(chǎn)租賃外，現(xiàn)行準則并未對出售做出明確限定。全球租賃會計標準草案二中，兩會一致確認售后回租準則要與美國通用會計準則內(nèi)的收入確認相關標準保持一致，美國通用會計準則中的國際財務報告準則第 15 號對收入確認相關標準作了明確規(guī)定。售后回租的租賃準則中只會新增少部分修改內(nèi)容。​

　　The Rev Rec standard has a number of sale recognition criteria relevant to S&LB transactions. Each factor could count one way or the other; and none on its own would be conclusive. It would seem that three of the Rev Rec criteria as follows would operate in favour of recognizing a sale:​

　　售后回租交易方面，收入確認標準中列有若干出售識別標準。各個標準都有其意義，而單獨任一標準不具備決定性意義。符合以下三點標準即為出售：​

　　• The buyer/lessor takes legal title to the asset;​

　　買方/出租人合法擁有資產(chǎn)所有權；​

　　• The seller/lessee has a “present right to payment” for the transfer; and​

　　轉讓過程中，賣方/承租人擁有請求權；​

　　• The buyer/lessor has “accepted” the transfer of the asset.​

　　買方/出租人接受資產(chǎn)轉讓。​

　　On the other hand one other Rev Rec criterion – the fact that the seller/lessee retains possession of the asset – would always count against sale recognition. The final criterion would be that of whether the buyer/lessor has assumed “significant risks and rewards of ownership of the asset”.​

　　另一方面，收入確認標準規(guī)定：若賣方/承租人仍然持有資產(chǎn)，則不屬于出售。最后一點標準就要看買方/出租人是否承擔“重大風險及資產(chǎn)所有權收益”。​

　　This would of course depend on the extent of any unguaranteed residual value (RV) in the return lease.​

　　當然，這要取決于回租時資產(chǎn)未擔保余值的大小。​

　　The Boards' staff report before the latest meeting acknowledged that simply cross-referring to the Rev Rec standard would mean that “in some circumstances there will be significant judgment in determining whether a sale has occurred” in typical S&LB structures. However, Board members were divided as to whether application guidance should be given in the leasing standard.​

　　最后一次會議前，兩會參事報告顯示：簡單的交叉引用收入確認標準就意味著在典型售后回租過程中，某些情況下，要通過執(zhí)行“重要判斷”（significant judgment）以確定是否存在出售。然而，就是否要在租賃標準中提供申請指南的問題，兩會成員意見出現(xiàn)分歧。​

　　The IASB initially voted by a large majority against providing application guidance. However, some FASB members felt that guidance could be useful. FASB eventually decided to leave its decision on this until after receiving a further staff report on aspects of possible “override” conditions.​

　　起初，國際會計準則理事會中大部分成員都反對提供申請指南。然而，美國財務會計準則委員會的一些成員則認為申請指南會有益處。美國財務會計準則委員會將對修改條款做出進一步的參事報告，委員會最終決定，在收到該份報告后作出決定。​

　　FASB's re-deliberation of these issues will be done at a joint meeting of the Boards. It is therefore possible, though it does not seem likely, that the IASB could then reconsider its decision not to provide application guidance in the IFRS version of the standard.​

　　美國財務會計準則委員會將與國際會計準則理事會召開會議，對以上問題進行重新審議。因此，盡管看似不可能，但是國際會計準則理事會還是有可能重新考慮其之前的決定。​

　　There was a further non-convergent decision on the “override” criteria, resulting from the earlier divergent decisions as to whether to retain lease classification (for profit and loss account expensing purposes) in lessee accounting. FASB decided that in US GAAP there will be no recognition of a sale in S&LBs where the lease is classified as “Type A” (i.e. a capital or finance lease under current rules). The IASB will have no corresponding override based on lease type.​

　　之前，承租人會計處理方面，就是否應該保留租賃分類（目的在于記錄賬目開支損益情況）問題意見不一，因此對于修改標準還未達成一致意見。​

　　Other S&LB issues​

　　其他售后回租問題​

　　The Boards considered several aspects of the S&LB accounting rules in cases where the sale is recognized. The major one of these concerned whether any gain or loss compared with the initial carrying value of the underlying asset should be recognized up-front by the seller/lessee.​

　　兩會對確認為出售的售后回租案例進行分析，總結出售后回租會計準則涉及的多個方面，最主要一點在于，相比于標的資產(chǎn)的公允價值，賣方/承租人是否應該對收益或損失進行預付。​

　　In ED2, given the proposal to change current practice by precluding sale recognition in some cases, no restriction was proposed on the up-front recognition of gains on the sale, where the sale itself could be recognized. However, the IASB has now adopted a more restrictive and complex rule on this aspect compared with the ED2 proposal; and here again the two Boards have adopted non-convergent solutions.​

　　由于建議中提到要通過預先排除出售行為來改變現(xiàn)行規(guī)范，全球租賃會計標準草案二中，并未對預先支付收益進行限制；然而，國際會計準則理事會則采取了限制更為嚴格，更加復雜的準則，因此，兩會又一次采取了不同的解決辦法。​

　　FASB decided that in the US GAAP version, there should be no deferral of gains (or losses) realized on the sale value under Type B (i.e. operating lease) deals. For IFRS the IASB agreed that while any losses on the sale would be recognized up-front, any gains would be subject to a partial deferral formula.​

　　美國財務會計準則委員會表示，美國通用會計準則規(guī)定，B型交易（例如經(jīng)營租賃）不應包含遞延收益。美國財務會計準則委員會及國際會計準則理事會一致同意，任何虧損都應該預先支付，任何收益都應該屬于部分遞延收益。​

　　For this purpose, where the sale price giving rise to a gain is at a fair market value, the lessee under IFRS would first measure the PV of the lease payments as a proportion of the sale price. That proportion of the gain would be deferred; while the remainder (based on the RV as proportion of the sale price) would be recognized up front. The valuation of the lessee's “right of use” (ROU) asset would then be based on the PV of the lease payments less the deferred part of the gain.​

　　鑒于此，國際財務報告準則規(guī)定，如果產(chǎn)生收益的出售價格為公平市場價格，那么承租人將首先對租賃付款的現(xiàn)值進行判定，將其作為出售價格的一部分。這部分收益將會延遞，剩余部分（基于出售價格的殘余價值）需要進行預付。承租人的資產(chǎn)使用權價值將會基于延遞收益的租賃付款現(xiàn)值進行評定。​

　　Both Boards agreed that where a sale is recognized, both parties should account for the return lease in accordance with the normal lessee and lessor accounting rules.​

　　兩會一致同意，根據(jù)通用租賃會計準則規(guī)定，確認為出售的交易，承租人與出租人雙方都應解釋為售后回租。​

　　The Boards agreed to defer their consideration of the detailed accounting rules for cases where a sale is not recognized, until after the further requested staff report is received.​

　　未確認為出售的會計準則細則還需經(jīng)過考慮才可決定，兩會一致認為，接受參事報告后再作決定。​

　　The staff report had contained recommended transition rules for applying the new S&LB requirements to return lease contracts running at the date when reporting entities first have to apply the new standard. However, the Boards decided to defer consideration of this until they decide the general transition rules for all leases, towards the end of the re-deliberation process.​

　　參事報告包含過渡準則，在實行新的售后回租準則前將使用這些過渡準則。然而，兩會決定在決定出所有類型租賃交易通用準則前，暫時推遲實行新的售后回租準則，到重新審議進程接近尾聲時再做決定。​

　　Lessor disclosure rules​

　　出租人信息披露準則​

　　The other issue re-deliberated this time concerned the disclosure rules for lessors in the notes to their accounts. Most of these rules were agreed on the same lines as the ED2 proposals. There were some changes reflecting the subsequent decision to retain the main current lessor accounting models, rather than moving to a new lease classification line as proposed in ED2.​

　　本次重新審議的議題還包括出租人應該披露賬目附錄，其中大部分準則已經(jīng)獲得通過。還有一些變化反映了后續(xù)的一些決定，例如，保留現(xiàn)行主要出租人會計模型，而不是實行新的租賃分類。​

​　　The agreed rules will include several specified tabulations, with breakdowns between Type A and Type B leases, covering lease income and a maturity analysis of undiscounted future cash flows; asset class breakdowns of Type B leases (where the underlying asset, rather than receivables and RVs, will appear on the lessor's balance sheet); and narrative disclosures on such aspects as RV risk management. The IASB decided to drop a proposed ED2 disclosure that would have required a roll-forward reconciliation of opening and closing balances of Type A lease receivables and RVs. Instead it agreed a requirement to explain significant changes in the outstanding balance of the lessor's net investment in these leases (or in their receivables and RV components if these amounts are presented separately on the balance sheet) in the latest reporting period.​

　　經(jīng)同意的準則將包括一些特別制表；不再區(qū)分A類型租賃與B類型租賃；包含租賃收入以及未來現(xiàn)金流未償部分的分析；B型租賃不再進行資產(chǎn)分類（標的資產(chǎn)將會出現(xiàn)在出租人的資產(chǎn)負債表內(nèi)）。國際會計準則理事會決定不再披露全球租賃會計標準草案二，該草案原本規(guī)定繼續(xù)調(diào)節(jié)A型租賃應收款項與殘余價值的起初結余與期末結余。相反，理事會要求：要在最近報告周期內(nèi)，對租賃中出租人凈投資的未償余額的變化進行解釋（如果資產(chǎn)負債表內(nèi)單獨顯示應收款項與殘余價值，那么需要單獨解釋這些內(nèi)容）。​

　　However, FASB has a separate current project on accounting for the credit impairment of financial instruments, which would include impairment of lessors' Type A lease portfolios. It therefore decided to defer consideration of a possible roll-forward disclosure for Type A receivables (which is not required at present in either US GAAP or IFRS) until it reaches the relevant stage of this impairment project. FASB nevertheless concurred with the IASB requirement for an explanation of changes, without a roll-forward reconciliation, in respect of RVs.​

　　然而，美國財務會計準則委員會目前進行的另一個項目是為融資工具進行信貸損耗報賬，該項目將包括A型租賃出租人資產(chǎn)組合的損耗。因此，美國財務會計準則委員會決定在完成該項目前，推遲考慮披露A型租賃應收款項（美國通用會計準則與國際財務報告準則都未對此作出規(guī)定）。兩會就解釋殘余價值變化方面達成一致。​

　　Some remaining issues​

　　一些遺留問題​

　　It now seems likely that the new lease accounting standard will be finalized in the foreseeable future, perhaps early next year. Possible longer delays from difficulties not yet anticipated by the Boards can nevertheless not be ruled out on past form; and some significant issues remain to be re-deliberated.​

　　目前來看，似乎很快就會公布新的租賃業(yè)會計準則，也許明年就可以出臺。兩會還未預測出其他困難，若出現(xiàn)其他困難，則會推遲出臺日期，不能排除這種可能；其他一些重要問題仍需審議。​

　　Apart from the deferred decisions on S&LB, the major remaining issues will be:​

　　除了還未決定的售后回租問題外，其他主要遺留問題為：​

　　• possible exemptions from the lessee capitalization rule for small ticket assets;​

　　可能免除小額資產(chǎn)承租人資本化的相關準則​

　　• the disclosure rules for lessees;​

　　承租人信息披露準則​

　　• the transition rules for leases running at the adoption dates; and​

　　實施日期租賃交易過渡準則​

　　• the general effective date of the new standard.​

　　新標準通用實施日期​

　　The further report on small ticket exemptions was called for when the Boards first considered this in March, but has been long delayed. It is now expected in September.​

　　 小額資產(chǎn)報告本應于3月公布，一直推遲，可能于9月公布。