Enterprise leasing business mainly includes operating leasing and financial leasing. The core issue of leasing accounting is the distinction between operating leasing and financial leasing business and the accurate grasp of cash flow accounting methods during leasing. On the basis of analyzing the essence of two kinds of leasing, this paper puts forward a trilogy of leasing business processing, namely, the identification of the essence of operating leasing and financial leasing-cash flow accounting during leasing-accounting treatment and entry.
First, analyze the problems that should be paid attention to when operating lease and financing lease.
1. Initial cash flow: For the lessee, it can avoid the problem of insufficient funds caused by paying more cash for assets at one time, and the avoided capital expenditure is part of the capital inflow relative to the lessee, so it is regarded as capital saving inflow.
2. Cash flow during lease period: At this stage, the essence of lease business should be carefully analyzed, and the accounting methods of cash flow for operating lease and financial lease should be treated differently. Compared with the lessee, the operating lease is regarded as the cash outflow of the enterprise because it does not purchase assets, loses the depreciation of assets, deducts tax revenue and pays the rent. Compared with the lessee, there are also cases of depreciation deduction and rent payment in financial leasing, but the Accounting Standards for Business Enterprises and the Financial Standards for Business Enterprises clearly stipulate that these two parts cannot be directly deducted from taxes, but can only be deducted from taxes through interest expenses. Therefore, when an enterprise has enough taxable income, it should adjust its cash flow by deducting interest expenses.
3. Cash flow at the expiration of the lease term: At the expiration of the lease term, the enterprise shall adjust the tax payable according to the inconsistency between the realized value of the operating lease and the financial lease assets and the accounting book value of the assets. When the realized value is greater than the accounting book value, the increased tax payable is directly deducted from the realized value. When the realized value is less than the accounting book value, the product of the difference and the income tax rate flows out as the lost cash flow. The analysis of this link can also be simply understood from mathematical thinking, that is, whether the realized value is consistent with the accounting book value at the expiration of the lease period is not distinguished, and the cash flow at this time can be understood according to the formula of cash flow at the end of the period = realized value-(realized value-accounting book value) × income tax rate.
4. Discount rate selection: During the lease period, because the cash flow of the leased enterprise or the leased enterprise is stable and reliable, and the risk is low, the discount rate adopts the guaranteed after-tax capital cost of debts with equal risks. When the lease expires, because the realized value of assets is uncertain and risky at this time, the discount rate adopts the weighted average capital cost of investment projects.
5. Interest tax credit: In the case of financing, the interest amount of each period is calculated according to the product of the unpaid principal amortized cost at the beginning and the implied rate of return of the lease.
Two, management leasing and financial leasing business processing trilogy
Step 1: Distinguish the essence of operating lease and financing lease. This step is the premise of accounting cash flow data, and its purpose is to explain how to calculate cash flow during the lease period, and whether the lost depreciation and cash cost can be tax deductible. According to the regulations, the depreciation and cash rent of lost equipment or assets can be directly deducted from the tax. However, in the financial leasing business, the depreciation and cash amount of lost equipment or assets can never be deducted from taxes, but only from the interest of leased funds. Therefore, understanding and mastering this link is the basis and premise of cash flow accounting in the second lease period. When judging whether the tax can be deducted, the core of the judgment is whether the leasing business is operating leasing or financing leasing, and the specific basis is the provisions of accounting standards.
Step 2: Cash flow accounting during the lease period. This step is to analyze the cash flow according to the judgment result of the first step. On the lease start date and lease end date, the cash flow accounting of operating lease and financing lease is exactly the same, the only difference is the cash flow accounting during the lease period, which is also the most important and core part of cash flow accounting. In the case of operating lease: for the lessee, the cash flow in this step mainly includes three parts: ① initial cash flow (avoiding equipment purchase fee, which is regarded as cash inflow) ② cash flow during the lease period, after-tax rent payment [rent ×( 1- income tax rate)] and loss depreciation tax deduction (depreciation× t), which are all regarded as cash outflow. ③ The cash flow at the end of the lease period is calculated according to the cash flow at the end of the lease period = realized value-(realized value-accounting book value) × income tax rate. Note that the essential significance of this formula lies in the understanding of tax deduction for income tax losses. Take financial leasing as an example: for the lessee, the first link is the same as the third link, but the difference is that the second link is the cash flow during the lease period, the pre-tax rent payment is regarded as the cash outflow, and the tax deduction and interest tax deduction are regarded as the cash inflow.
The third step: accounting treatment. In the case of operating lease, because the enterprise does not recognize the leased assets as assets, it is not necessary to recognize the assets in the account, but only to include the total amount paid in the relevant asset cost or current profit and loss within a reasonable lease period. For example, the rent actually paid during the lease period is included in the current profit and loss of the enterprise, and the initial cash flow to avoid equipment purchase expenditure is not the real cash expenditure of the enterprise, but only considered as evaluating the feasibility of the lease business. Taking financial leasing as an example, because the accounting standards for business enterprises clearly stipulate that leased assets should be recognized as their own assets and depreciated reasonably during the lease period, it is necessary to carry out accounting on the lease start date. According to the present value of the total rent payable by the enterprise, it is recognized as an asset (fixed assets), and the total rent paid is recognized as a liability (long-term payables). The difference between them is recognized as unconfirmed financing expenses and amortized according to the connotative rate of return during the lease term.
Third, the case analysis
Example: Company A wants to purchase a certain equipment, with an estimated purchase cost of 80 million yuan, a depreciation period of 20 years, and a legal salvage value rate of 5% of the purchase cost, and an estimated value of 4 million yuan after 5 years. Now, if the equipment is acquired by lease, Company B needs to pay the rent of/kloc-0 1.9898 million yuan every year for a lease period of 5 years, and the rent will be paid at the end of each year. The applicable income tax rate of Company A is 40%, that of Company B is 25%, and the pre-tax interest rate for the same period is 8.5%, and the required rate of return for the project is 65,438+04%. At the same time, the contract stipulates that the assets will be owned by the lessee at the expiration of the lease, but the lessee must pay the price of 4 million yuan.
Step 1: Distinguish the essence of operating lease and financing lease. Judging the essence of leasing business According to the Accounting Standards for Business Enterprises, when the lease term expires, the leased property belongs to the lessee as the basis for financial leasing. It can be seen that this business belongs to financial leasing, so the depreciation of equipment lost during the lease period and the cash cost of the lease business rent cannot be offset directly, but only by interest.
Step 2: Cash flow accounting during the lease period. Firstly, according to the purchase cost, rent payment and final premium payment of the project, the connotative rate of return of this business is 9%(8 000- 1 989.88×(P/A, I, 5)-400(P/F, I, 5)=0, i=9%). Then according to the evasion of equipment due to lease,
The third step: accounting treatment. The present value of RMB 80 million discounted according to the connotative rate of return is recognized as a fixed asset place, and the lease payment to be paid and the premium at the expiration of the lease period of RMB 103494 million are recognized as a long-term payable place. The difference of RMB 23.494 million is included in unconfirmed financing expenses and will be amortized gradually in the future lease term. Amortization is included in the current profit and loss-financial expenses, and the amount is calculated according to the interest paid by users.
Four. conclusion
1. The essence of lease management theory lies in whether the enterprise can confirm the leased assets as its own assets, and whether it can deduct the lost depreciation and the rent paid during the lease period: if it is an operating lease, it can deduct the tax; If it is a financial lease, tax deduction is not allowed.
2. Operating lease and financial lease have four cash flows during the lease term: avoiding cash inflow caused by purchasing equipment, paying premium or not buying at the end of the period, resulting in realized value loss and tax adjustment, and considering cash cost and income tax depreciation or considering interest tax deduction during the lease term without considering income tax.
3. Both operating lease and financing lease need three-stage process analysis: the substantive difference between operating lease and financing lease-cash flow accounting during lease-accounting treatment and entry.