TOPIC 4:

KEY HIGHLIGHTS OF
IFRS 16 (EQV. PSAK 73)

ECAM 801423
CORPORATE REPORTING
(PELAPORAN KORPORAT)
SEMESTER GANJIL 2020/2021
Prepared by Tim Pengajar Pelaporan Korporat
Program Maksi UI – Semester Gasal 2020-2021

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 KEY REFERENCES
 IFRS 16, Jan. 2016, IASB
 Sosialisasi IFRS 16, DSAK-IAI & BEI, 7 March 2017
 Project Summary of IFRS 16- IFAC, Jan. 2016
 Effect Analysis, IFRS 16-Leases, Jan. 2016
 IAS 17, Leases- IASB
 DipIFR-ACCA (June 2014)
 IFRS16 Seminar di Jakarta, Henry Rees-IASB, OJK,
July 2017

IAPI CAMP WORKSHOP PSAK 73 PRESENTED BY hendangt@gmail.com, 19-20 DECEMBER 2019 2

FLOWCHART FOR IDENTIFYING A LEASE

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 IDENTIFYING A LEASE:
- COMPREHENSIVE EXAMPLE (1 OF 3)

 A customer enters into a contract that conveys the right to use an explicitly
specified retail unit for a period of five years. The property owner can require
the customer to move into another retail unit; there are several retail units
of similar quality and specification available. As the property owner has to
pay for any relocation costs it can benefit economically from relocating the
customer only if there is a new tenant that wants to occupy a large amount of
retail space at a rate that is sufficient to cover the relocation costs. Those
circumstances may arise, but they are not considered likely to occur. The
contract requires the customer to sell his goods during the opening hours of
the larger retail space. The customer decides on the mix of goods sold, the
pricing of the goods sold and the quantities of inventory held. He further
controls physical access to the retail unit throughout the five-year period of
use. The rent that the customer has to pay includes a fixed amount plus a
percentage of the sales from the retail unit

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 IDENTIFYING A LEASE:
- COMPREHENSIVE EXAMPLE (2 OF 3)

 Is there an identified asset?

The retail unit is explicitly specified in the contract. The property owner has a
right to substitute the asset. But, because it would benefit from the exercise of
the right only under certain circumstances that are not considered likely to
occur, the substitution right is not substantive. Hence, the retail unit is an
identified asset.
 Has the customer the right to obtain substantially all of the economic
benefits from the use of the retail unit?
The customer has the exclusive use of the retail unit throughout the period of
use. The fact that a part of the cash flows received from the use are passed to
the property owner as consideration does not prevent the customer from having
the right to substantially all of the economic benefits from the use of the retail
unit.

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 IDENTIFYING A LEASE:
- COMPREHENSIVE EXAMPLE (3 OF 3)
 Has the customer the right to direct the use of the
retail unit?
During the period of use, all decisions on how and for what
purpose the retail unit is used are made by the customer.
The restriction that goods can only be sold during the
opening hours of the larger retail space defines the scope of
the contract, but it does not limit the customer’s right to
direct the use of the retail unit.
Conclusion: The contract contains a lease of retail space.

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A NEW DEFINITION OF
A LEASE CONTRACT
Based on which party controls the use of an identified asset
 Customer has right to control: lease
 Supplier has right to control: service

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A NEW DEFINITION OF
A LEASE CONTRACT

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EXAMPLE: LEASE VS SERVICE

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IDENTIFYING A LEASE CONTRACT
- AN OPTIONAL EXEMPTIONS CONTRACT

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 “DIRECT HOW AND FOR WHAT PURPOSE
THE ASSET IS USED” —EXAMPLES

❑Change type of output produced

❑Change when output produced
❑Change where output produced
❑Change whether output produced,
and quantity

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LESSEE ACCOUNTING MODEL:
WHAT HAS CHANGED FOR LESSEES?

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LESSEE ACCOUNTING MODEL

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LESSEE ACCOUNTING MODEL

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LESSEE ACCOUNTING MODEL

Pengukuran selanjutnya setelah pengakuan awal

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LESSEE ACCOUNTING MODEL

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LESSEE ACCOUNTING MODEL

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LESSEE ACCOUNTING MODEL

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LEASE LIABILITY MEASUREMENT

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JOURNAL ENTRIES FOR A LESSEE
- AT COMMENCEMENT DATE

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JOURNAL ENTRIES FOR A LESSEE
- AT SUBSEQUENT MEASUREMENT

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LESSOR ACCOUNTING MODEL

Klasifikasi sewa sewa dibuat pada tanggal insepsi dan dinilai kembali hanya jika
terdapat modifikasi sewa. Perubahan dalam estimasi (sebagai contoh, perubahan
dalam estimasi umur ekonomik atau nilai residual aset pendasar), atau perubahan
dalam keadaan (sebagai contoh, penyewa mengalami gagal bayar), tidak
menimbulkan klasifikasi sewa baru untuk tujuan akuntansi. (PSAK 73 par 66)

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 JOURNAL ENTRIES FOR A LESSOR
Subsequent Measurement
Initial Recognition
 The lessor should recognize:
 The journal entry is as A finance income on the lease
receivable:
follows:
Debit Lease receivable
Debit Lease receivable Credit Profit or loss – Finance
income
Credit PPE (underlying  A reduction of the lease receivable
by the cash received:
asset)
Debit Bank account (Cash)
Credit Lease receivable

Finance income shall be recognized based on a pattern reflecting constant periodic

rate of return on the lessor’s net investment in the lease.
IFRS 16 then also specifies accounting for manufacturer or dealer lessors.

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MODIFICATION OF A LEASE

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 COVID-19 & PSAK 73 (IFRS 16): LEASES
AMENDMENTS -RELATED RENT CONCESSIONS

What is the relief provided by the amendments?

❑ The practical expedient will only apply if:
➢ the revised consideration is substantially the same or less than the original consideration;
➢ the reduction in lease payments relates to payments due on or before 30 June 2021;
and
➢ no other substantive changes have been made to the terms of the lease.
❑ Lessees applying the practical expedient are required to disclose:
➢ that fact, if they have applied the practical expedient to all eligible rent concessions and,
if not, the nature of the contracts to which they have applied the practical expedient; and
➢ the amount recognised in profit or loss for the reporting period arising from application of
the practical expedient.
❑ No practical expedient is provided for lessors. Lessors are required to continue to assess if
the rent concessions are lease modifications and account for them accordingly.

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SALE AND LEASEBACK TRANSACTIONS

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 SALE AND LEASEBACK TRANSACTIONS

Accounting treatment of sale and leaseback transactions depends on

the whether the transfer of an asset is a sale under IFRS 15 Revenue from
contracts with customers.
 If a transfer is a sale:
 The seller (lessee) accounts for the right-of-use asset at the proportion of the
previous carrying amount related to the right-of-use retained. Gain or loss is
recognized only to the extend related to the rights transferred. (IFRS 16, par.100)
 The buyer (lessor) accounts for a purchase of an asset under applicable standards
and for the lease under IFRS 16.
 If a transfer is NOT a sale:
 The seller (lessee) keeps recognizing transferred asset and accounts for the cash
received as for a financial liability under IFRS 9 Financial Instruments.
 The buyer recognizes a financial asset under IFRS 9 amounting to the cash paid.

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SALE AND LEASEBACK TRANSACTIONS
-TRANSFER OF THE ASSET IS A SALE?

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 SALE AND LEASEBACK TRANSACTIONS
-TRANSFER OF THE ASSET IS NOT A SALE

If the transfer of an asset by the seller-lessee does not

satisfy the requirements of IFRS 15 to be accounted for
as a sale of the asset:
(a) The seller-lessee shall continue to recognise the
transferred asset and shall recognise a financial
liability equal to the transfer proceeds. It shall
account for the financial liability applying IFRS 9
(b) The buyerr-lessor shall not recognise the transferred
asset and shall recognise a financial asset equal to
the transfer proceeds. It shall account for the
financial asset applying IFRS 9

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 SUBLEASES
Dalam mengklasifikasikan suatu
subsewa, pesewa-antara
mengklasifikasikan subsewa sebagai
sewa pembiayaan atau sewa operasi
sebagai berikut:
(a) jika sewa utama adalah sewa
jangka-pendek di mana entitas,
sebagai penyewa¸ telah
mencatat sesuai paragraf 06,
maka subsewa diklasifikasikan
sebagai sewa operasi.
(b) sebaliknya, subsewa diklasifikasi
dengan mengacu pada aset hak-
guna yang timbul dari sewa
utama, daripada mengacu pada
aset pendasar (sebagai contoh,
item aset tetap yang terkait
dengan sewa).

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 SUBLEASES
 Par 68. Pesewa menggunakan suku bunga implisit dalam sewa
untuk mengukur investasi neto sewa. Dalam hal subsewa, jika
suku bunga implisit dalam subsewa tidak dapat ditentukan,
maka pesewa-antara dapat menggunakan tingkat diskonto yang
digunakan dalam sewa utama (disesuaikan dengan biaya
langsung awal yang terkait dengan subsewa) untuk mengukur
investasi neto dalam subsewa.
 PP07. Jika penyewa mensubsewakan aset, atau memperkirakan
akan mensubsewakan aset, maka sewa utama tidak memenuhi
kualifikasi sebagai sewa aset bernilai-rendah.

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EXAMPLE —SUBLEASES

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IFRS 16 – LESSEE TRANSITION ACCOUNTING

PSAK 73

2019 2020

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IFRS 16 – LESSEE TRANSITION ACCOUNTING

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IFRS 16 – LESSEE TRANSITION ACCOUNTING
IDENTIFY POPULATION OF CONTRACTS FOR
TRANSITION-1

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IFRS 16 – LESSEE TRANSITION ACCOUNTING
IDENTIFY POPULATION OF CONTRACTS FOR
TRANSITION-1

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IFRS 16 – LESSEE TRANSITION ACCOUNTING
- DECIDE TRANSITION METHOD

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IFRS 16 – LESSEE TRANSITION ACCOUNTING
- DECIDE HOW TO MEASURE ROU ASSET

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IFRS 16 – LESSEE TRANSITION ACCOUNTING
- DECIDE HOW TO MEASURE ROU ASSET

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IFRS 16 – LESSEE TRANSITION ACCOUNTING
- DECIDE HOW TO MEASURE ROU ASSET

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EXERCISE:
HOW TO CALCULATE EIR?

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 Q&A
THANK YOU ….
FINANCIAL MATHEMATIC PRACTICE FOR
CALCULATION EIR, IRR, PVA,
PMT IN ADVANCE OR IN ORDINARY, AMORTIZATION
TABLE, ETC

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