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，全球租赁会计标准草案二公布。最近，新一轮的会计准则修订正在进行，其中的焦点就是售后回租的会计准则制定问题。​

　　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.​

　　会计准则主要由美国财务会计准则委员会及国际会计准则理事会制定，但最近两会就一些问题产生了分歧，稍后会解决这些问题。​

　　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，现在已经明晰的就是售后回租的会计准则内容将会十分广泛；修订后的国际财务报告准则将会比现行版本更为复杂。​

　　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.​

　　尽管现行准则规定所有租赁都需要反映在承租人的资产负债表中，但是会计准则制定者似乎认为如果不制定特别准则，售后回租仍存在递延收益的会计处理问题。​

　　Recognizing a sale​

　　识别出售​

　　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.​

　　两会分歧焦点在于如何识别出售与回租。如果不能识别出售，那么会计处理就会将售后回租交易认定为标的资产再融资。除美国通用会计准则规定的部分房地产租赁外，现行准则并未对出售做出明确限定。全球租赁会计标准草案二中，两会一致确认售后回租准则要与美国通用会计准则内的收入确认相关标准保持一致，美国通用会计准则中的国际财务报告准则第 15 号对收入确认相关标准作了明确规定。售后回租的租赁准则中只会新增少部分修改内容。​

　　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，收入确认标准中列有若干出售识别标准。各个标准都有其意义，而单独任一标准不具备决定性意义。符合以下三点标准即为出售：​

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

　　买方/出租人合法拥有资产所有权；​

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

　　转让过程中，卖方/承租人拥有请求权；​

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

　　买方/出租人接受资产转让。​

　　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，收入确认标准规定：若卖方/承租人仍然持有资产，则不属于出售。最后一点标准就要看买方/出租人是否承担“重大风险及资产所有权收益”。​

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

　　当然，这要取决于回租时资产未担保余值的大小。​

　　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.​

　　最后一次会议前，两会参事报告显示：简单的交叉引用收入确认标准就意味着在典型售后回租过程中，某些情况下，要通过执行“重要判断”（significant judgment）以确定是否存在出售。然而，就是否要在租赁标准中提供申请指南的问题，两会成员意见出现分歧。​

　　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，国际会计准则理事会中大部分成员都反对提供申请指南。然而，美国财务会计准则委员会的一些成员则认为申请指南会有益处。美国财务会计准则委员会将对修改条款做出进一步的参事报告，委员会最终决定，在收到该份报告后作出决定。​

　　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.​

　　美国财务会计准则委员会将与国际会计准则理事会召开会议，对以上问题进行重新审议。因此，尽管看似不可能，但是国际会计准则理事会还是有可能重新考虑其之前的决定。​

　　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，承租人会计处理方面，就是否应该保留租赁分类（目的在于记录账目开支损益情况）问题意见不一，因此对于修改标准还未达成一致意见。​

　　Other S&LB issues​

　　其他售后回租问题​

　　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.​

　　两会对确认为出售的售后回租案例进行分析，总结出售后回租会计准则涉及的多个方面，最主要一点在于，相比于标的资产的公允价值，卖方/承租人是否应该对收益或损失进行预付。​

　　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.​

　　由于建议中提到要通过预先排除出售行为来改变现行规范，全球租赁会计标准草案二中，并未对预先支付收益进行限制；然而，国际会计准则理事会则采取了限制更为严格，更加复杂的准则，因此，两会又一次采取了不同的解决办法。​

　　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.​

　　美国财务会计准则委员会表示，美国通用会计准则规定，B型交易（例如经营租赁）不应包含递延收益。美国财务会计准则委员会及国际会计准则理事会一致同意，任何亏损都应该预先支付，任何收益都应该属于部分递延收益。​

　　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.​

　　鉴于此，国际财务报告准则规定，如果产生收益的出售价格为公平市场价格，那么承租人将首先对租赁付款的现值进行判定，将其作为出售价格的一部分。这部分收益将会延递，剩余部分（基于出售价格的残余价值）需要进行预付。承租人的资产使用权价值将会基于延递收益的租赁付款现值进行评定。​

　　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.​

　　两会一致同意，根据通用租赁会计准则规定，确认为出售的交易，承租人与出租人双方都应解释为售后回租。​

　　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.​

　　未确认为出售的会计准则细则还需经过考虑才可决定，两会一致认为，接受参事报告后再作决定。​

　　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.​

　　参事报告包含过渡准则，在实行新的售后回租准则前将使用这些过渡准则。然而，两会决定在决定出所有类型租赁交易通用准则前，暂时推迟实行新的售后回租准则，到重新审议进程接近尾声时再做决定。​

　　Lessor disclosure rules​

　　出租人信息披露准则​

　　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.​

　　本次重新审议的议题还包括出租人应该披露账目附录，其中大部分准则已经获得通过。还有一些变化反映了后续的一些决定，例如，保留现行主要出租人会计模型，而不是实行新的租赁分类。​

​　　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.​

　　经同意的准则将包括一些特别制表；不再区分A类型租赁与B类型租赁；包含租赁收入以及未来现金流未偿部分的分析；B型租赁不再进行资产分类（标的资产将会出现在出租人的资产负债表内）。国际会计准则理事会决定不再披露全球租赁会计标准草案二，该草案原本规定继续调节A型租赁应收款项与残余价值的起初结余与期末结余。相反，理事会要求：要在最近报告周期内，对租赁中出租人净投资的未偿余额的变化进行解释（如果资产负债表内单独显示应收款项与残余价值，那么需要单独解释这些内容）。​

　　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，美国财务会计准则委员会目前进行的另一个项目是为融资工具进行信贷损耗报账，该项目将包括A型租赁出租人资产组合的损耗。因此，美国财务会计准则委员会决定在完成该项目前，推迟考虑披露A型租赁应收款项（美国通用会计准则与国际财务报告准则都未对此作出规定）。两会就解释残余价值变化方面达成一致。​

　　Some remaining issues​

　　一些遗留问题​

　　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.​

　　目前来看，似乎很快就会公布新的租赁业会计准则，也许明年就可以出台。两会还未预测出其他困难，若出现其他困难，则会推迟出台日期，不能排除这种可能；其他一些重要问题仍需审议。​

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

　　除了还未决定的售后回租问题外，其他主要遗留问题为：​

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

　　可能免除小额资产承租人资本化的相关准则​

　　• the disclosure rules for lessees;​

　　承租人信息披露准则​

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

　　实施日期租赁交易过渡准则​

　　• the general effective date of the new standard.​

　　新标准通用实施日期​

　　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.​

　　 小额资产报告本应于3月公布，一直推迟，可能于9月公布。