IFRS租賃草案實施對財務報表產生之影響

營業租賃長久以來被許多公司用以操作資產負債表外融資，藉此達到其優化經營績效及降低負債比率之目的，而租賃分類認定上的差異，亦產生會計處理不一致的問題，為了修正現有租賃會計可能造成之錯誤訊息，避免社會經濟資源因財務報表使用者的錯誤決策而產生不適當配置，國際會計準則委員會及美國財務會計準則委員會合力發展一套全新的租賃會計準則，以確保租賃交易之經濟實質能忠實反映於財務報表。一旦草案確定實施，現有租賃會計將完全被取代，承租人與出租人皆會受到影響，為了瞭解租賃草案實施對整體財務報表可能產生之影響，本研究整理現有租賃會計與租賃草案規定之差異，以國內航運業、電子通路業及貿易百貨業之上市公司近十年之資料為承租人樣本公司，並以中租迪和作為出租人代表，設算其適用該租賃草案後，財務報表可能產生之影響，並分別就三個部分進行討論：(1)資產負債表、(2)損益表、(3)財務指標。租賃草案提出一套全新的租賃會計模式，不同於過去將租賃視為融資購買資產的手段之一，此模式強調「使用權」概念，認為在不可取消之租賃合約下，無論租約形式及租賃期間長短為何，所有租賃契約之經濟實質皆係承租人透過不可取消租賃合約取得租賃期間租賃標的物之使用權並承擔給付租金之義務，而出租人則因不可取消租賃契約之簽訂享有向承租人收取租賃給付的權利，同時亦承擔在租賃期間內提供租賃標的資產使用權予承租人之義務。因此現有之營業租賃承租人在草案實施後，應將使用權資產予以資本化，並認列相關應付租賃款，而現有營業租賃出租人在草案實施後，則應認列因租賃契約產生之應收租賃款及租賃負債。首先在資產負債表方面，本研究將國內航運、電子通路及貿易百貨業之營業租賃資本化後發現，整體樣本公司未認列的應付租賃款約為其已認列負債總額之24.32%~28.92%，未認列之使用權資產則占其已認列資產總額之12.07%~15.53%。其中又以航運業受到的影響程度最大、貿易百貨次之，電子通路最小，推測可能原因應為不同產業所承租之標的資產及租賃合約之型態皆不盡相同所致。中租迪和因租賃草案實施須補列之應收租賃款及租賃負債則分別占其帳列總資產與總負債之2.31%及2.52%。損益表的部分，由於本研究假設營業租賃之剩餘租賃期間為總租賃期間之三分之二，在租賃合約前期應付租賃款餘額較大時，草案要求承租人認列的利息費用與使用權資產攤銷費用之總和應大於目前採用營業租賃所認列之租金費用，故在草案實施後承租人之淨利應較原先低。實際以樣本公司計算後的結果卻不完全如預期，我們發現有些樣本年度在草案實施後淨利會下降，有些樣本年度在草案實施後淨利卻是上升的，但整體而言，草案實施後樣本公司之淨利平均下降新台幣6,547千元~43,815千元。另一方面，由於出租人在租賃草案實施後，租賃期間前段可認列之利息收入加上履行義務所認列的租賃收入應大於採用營業租賃所認列之租金收入，故本研究推測出租人之淨利將因草案的實施而增加，實際以中租之資料設算後發現其淨利平均增加了72,416千元。在財務指標方面，本研究探討總資產周轉率、利息保障倍數及股東權益報酬率(ROE)等指標在草案實施後之變化。由於租賃草案的實施將使過去企業透過營業租賃隱藏的部分產能浮出檯面，根據本研究之設算結果，樣本公司承租人總資產周轉率平均下降9.93%~11.78%，出租人之總資產周轉率則下降2.46%，其他財務指標亦因草案的實施而有改變。

關鍵字

租賃草案；營業租賃資本化；售後租回；使用權；履行義務模式；除列模式

並列摘要

Operating lease has been used as a method of off-balance sheet financing to improve companies’ performance and debt ratio. The existing lease accounting model requires lessees to classify their leases as either finance leases or operating leases. However, this model has been criticized for failing to provide financial statements faithfully and lead to a lack of comparability. In order to modify misunderstandings resulting from the existing accounting model and prevent users of financial statements from making inferior decisions, the IASB and the FASB cooperate to develop a draft standard on leases which will replace the existing standards. Once this draft comes into effect, both lessees and lessors will be affected. Therefore, to address the impact of lease draft on lessees’ financial statements, this study examined information of domestic public companies in shipping, electronic distribution and merchandise industries from 2002 to 2011. As for impact on lessors, we choose Chailease Financial Co., Ltd as representative and divide our discussion into three parts: (1) Balance Sheet, (2) Income Statement and (3) Key Financial Indices. The lease draft proposes that lessees and lessors apply a right-of-use model for all lease transactions, which means a lessee should recognize an asset representing its right to use the underlying asset during the lease term and a liability to make lease payments, no matter its lease transactions were originally classified as operating leases or finance leases. Under this model, a lessor whose lease transactions were classified as operating lease ought to recognize an asset representing its right to receive lease payments and a lease liability representing its obligation to permit the lessee to use the underlying asset during the lease term. First of all, we found the present value of unrecorded liabilities for operating lease were about 24.32%~28.92% of lessees’ reported total debts and the unrecorded right-of-use assets were about 12.07%~5.53% of their reported total assets. On the other hand, lessor’s unrecorded lease receivable and lease obligation which meet the definition of asset and liability were about 2.31% and 2.52% of its original reported total asset and total liability respectively. Secondly, we assumed that remaining lease life is two-third of total lease life. In early period, the sum of interest expense and amortization expense of right-of -use asset lessees recognized when applying the lease draft would be greater than rent expense. As a result, we expect lessees’ net income will decrease after the draft takes effect. Our results show that although some companies’ net income decreases as we expect, there are still some companies generate higher net income after applying the exposure draft. In average, lessees’ net income decreases by 6,547 thousand to 43,815 thousand. On the other hand, after lessors apply the lease draft, their net income will go up because the amount of interest revenue and lease revenue in early lease period is greater than rent revenue. Our results show that Chailease Financial Co.’s net income increases by 72,416 thousand in average. Finally, we discussed the change of financial indices and found that lessees’ total asset turnover declined 9.93%~11.78% and lessor’s total asset turnover declined 2.46%. Other financial indices such as times interest earned, return on asset and return on equity are also affected after the lease draft becomes effective.