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1、P1:OTA/XYZP2:ABCc27JWBT347/MckinseyJune9,201012:33PrinterName:Hamilton27Leases,Pensions,andOtherObligationsWhenacompanyborrowsmoneytopurchaseanasset,theassetislistedonthecompanysbalancesheetmatchedbyacorrespondingobligation.Overthepast20years,however,cleveruseofexistingaccountingruleshasallow
2、edcompa-niestokeepmanyassetsandtheircorrespondingdebtsoffbalancesheet.Insteadofrecognizingtheseassetsandtheircorrespondingdebts,companiesmayrecordjusttherentalandtransactionfeesontheincomestatement,dis-closingtherealnatureofthesetransactionsonlyinthefootnotes.Thetwomostcommonformsofoff-balanc
3、e-sheetdebtareoperatingleasesandsecuritizedreceivables.Fromaneconomicperspective,operat-ingleasesandsecuritizedreceivablesarenodifferentfromtraditionalassetownershipanddebt.Whentheassetsandrelatedborrowingsdonotappearonthebalancesheet,thisomissionbiasesnearlyeveryfinancialratio,includ-ingretur
4、noninvestedcapital(ROIC).Infact,becauseofthedistortionscausedbyoperatingleasesinparticular,theseleasesarenowunderscrutinybytheSecuritiesandExchangeCommission(SEC),FinancialAccountingStandardsBoard(FASB),andInternationalAccountingStandardsBoard(IASB).Theis-sueissignificant.OneSECstudyfoundthat7
5、7percentofU.S.tradedpubliccompanieshaveoperatingleasesandthesetotal$1.25trillioninundiscountedfuturecashobligations.Inresponsetothesestaggeringnumbers,theFASBandIASBformedajointtaskforcetoexaminewhethercompaniesshouldcapitalizeoperatingleasesonthebalancesheet.Anotherwell-knowntypeofoff-balanc
6、e-sheetitemisunfundedpensionliabilities.Thereportingoftheseliabilitiesalsohasbeenunderrecentscrutinybytheglobalaccountingcommunity.Historically,companieswereallowedtorecognizepensionshortfallsgradually.Thiscausedtherecordedamountofpensionshortfallstodifferfromtheirmarketvalues.Followingachang
7、einpolicy,BritishandU.S.companiesarenowrequiredtoreportunderfundingof575P1:OTA/XYZP2:ABCc27JWBT347/MckinseyJune9,201012:33PrinterName:Hamilton576LEASES,PENSIONS,ANDOTHEROBLIGATIONSpensionsattheirmarketvalues;1underIASBdoctrine,therecognitiono
