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1、SolutionsManualtoaccompanyUnderstandingAustralianAccountingStandardsJaniceLoftus,KenLeo,RuthPicker,VictoriaWise,KerryClarkByKenLeoJohnWiley&SonsAustralia,Ltd2013Chapter14:LeasesChapter14:LeasesComprehensionquestions1.Whatare‘minimumleasepayments’?SeeAASB117,paragraph4
2、,thedefinitioncanbeexpressedasfollows:Minimumleasepayments=(i)Paymentsovertheleaseterm+(ii)Guaranteedresidualvalue+(iii)Bargainpurchaseoption-(iv)Contingentrent-(v)ReimbursementofcostspaidbythelessorDiscusseachcomponentinfull.2.Ifaleaseagreementstatesthat‘thelesseegua
3、ranteesaresidualvalue,attheendoftheleaseterm,of$20000’,whatdoesthismean?Theguaranteedresidualvalueisthatpartoftheresidualvalueoftheleasedassetguaranteedbythelesseeorathirdpartyrelatedtothelessee(AASB117,paragraph4).Thelessorwillestimatetheresidualvalueoftheleasedasset
4、attheendoftheleasetermbasedonmarketconditionsattheinceptionoftheleaseandthelesseewillguaranteethat,whentheassetisreturnedtothelessor,itwillrealiseatleastthatamount.Theguaranteemayrangefrom1%to100%oftheresidualvalueandisamatterfornegotiationbetweenlessorandlessee.Where
5、alesseeguaranteessomeoralloftheresidualvalueoftheasset,thelessorhastransferredrisksassociatedwithmovementsintheresidualvaluetothelessee.3.Whatismeantby‘theinterestrateimplicitinalease’?ThisisdefinedinAASB117,paragraph4asthediscountratethatattheinceptionoftheleasecause
6、stheaggregatepresentvalueof:(a)theminimumleasepayments;and(b)theunguaranteedresidualvaluetobeequaltothesumof:(i)thefairvalueoftheleasedasset,and(ii)anyinitialdirectcostsofthelessor.Thisinterestrateisusedtodiscounttheminimumleasepaymentstotheirpresentvalueforrecognitio
7、npurposes.Thisdiscountrateisimplicitintheleasebecauseitisthetermsofthelease(number,timingandquantumofrepayments,guaranteedresidualvaluesorbargainpurchaseoptions)thatdetermineitsvalue.Anychangetothetermsortothefairvaluewillchangetheinterestrate.©JohnWileyandSonsAustral
8、iaLtd201314.38Chapter14:Leases4.Wherealessorincursinitialdirectcostsinestablishingaleaseagreement,howarethesecoststobeaccoun
