The cost of compliance with the new proposals and the significant impact this will have on lessors and lessees alike.

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1 International Accounting Standards Board 30 Cannon Street London EC4M EXH United Kingdom 13 September 2013 Dear Sirs Response to ED/2013/6 Leases We welcome the opportunity to respond to the above exposure draft. Lease accounting, and in particular lessee accounting, has been criticised for many years and we acknowledge the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) ("the boards') joint efforts to address these criticisms and are encouraged by the progress the boards have made in addressing the concerns of stakeholders since the initial ED/2010/09. However, we believe that there is still scope for improvement in ED/2013/6 and set out our reasons in detail in the appendix to this letter. Our main concerns in relation to ED/2013/6 relate to: Lack of clarity/definitions provided for terms used within the ED that may lead to inconsistencies in practice and enable users to structure their leases to a certain degree. The cost of compliance with the new proposals and the significant impact this will have on lessors and lessees alike. We urge the board to reflect on these proposals following further outreach activities to fully understand the costs of compliance for users. If you would like to discuss any of our concerns do not hesitate to contact me. Kind regards Theo Vermaak Chairman International Professional Standards Committee PKF International Limited not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms.

2 Question 1: Identifying a lease The revised Exposure Draft defines a lease as a contract that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. An entity would determine whether a contract contains a lease by assessing whether: a) Fulfillment of the contract depends on the use of an identified asset; and b) The contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. A contract conveys the right to control the use of an asset if the customer has the ability to direct the use and receive the benefits from use of the identified asset. Do you agree with the definition of a lease and the proposed requirements in paragraphs 6-19 for how an entity would determine whether a contract contains a lease? Why or why not? If not, how would you define a lease? Please supply specific fact patterns, if any, to which you think the proposed definition of a lease is difficult to apply or leads to a conclusion that does not reflect the economics of the transaction. Yes, we agree with the definition provided in the Exposure Draft that a lease is a contract that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. We believe that the first criterion for determining whether a contract contains a lease is generally clear and we agree with the overall criterion; however, certain items included in the guidance require further explanation. For example, defining the supplier s substantive right to substitute an asset may require additional guidance in cases where the asset being substituted (in cases other than when the asset is not operating properly or a technical upgrade becomes available) during the life of the contract is substantially similar enough to the originally identified asset that the rights of use of an asset by the customer do not change as a result of the substitution. This would also require further guidance on the definition of alternative assets (referred to in paragraph 9a) in regards to the right of substitution for the supplier. The terms physically distinct portion and capacity portion of an asset included in paragraph 11 also require further guidance to determine whether or not certain portions of an asset can meet the criteria of an identified asset. We agree with the requirements defining the right to control the use of an identified asset, including the ability to direct the use of the identified asset and derive the benefits from the use of the identified asset. When a customer has the ability to direct the use of an asset (as further defined in the Exposure Draft), right of use is clearly conveyed. The Exposure Draft provides sufficient guidance for determining if the customer has the ability to direct the use of the identified asset for most practical cases. Additional guidance may be required for customer-specific situations. In regards to the ability of the customer to derive the benefits from the use of the asset, the guidance presented for determining when a customer can obtain economic benefits appears to be sufficient. We also agree that the customer has the ability to derive the economic benefits from the use of an asset when the customer has the rights to economic benefits realized from a commercial transaction with a third party. Additionally, paragraph 19 provides appropriate guidance for determining when a customer does 1

3 not have the ability to derive the full economic benefit from an asset. When the asset cannot be specifically distinguished from the services being provided by the supplier, the customer does not have full rights to the economic benefits of the asset. Question 2: Lessee accounting Do you agree that the recognition, measurement and presentation of expenses and cash flows arising from a lease should differ for different leases, depending on whether the lessee is expected to consume more than an insignificant portion of the economic benefits embedded in the underlying asset? Why or why not? If not, what alternative approach would you propose and why? We agree that a lessee should recognize a right-of-use asset and a liability to make lease payments at the commencement of a lease (as the term lease is defined in the Exposure Draft). The Exposure Draft defines a right-of-use asset as an asset that represents the lessee s right to use an underlying asset for the lease term. A lease agreement conveys to a lessee the right to use an asset over a specified term for which the lessee will receive future economic benefits. Therefore, we believe that the lease gives rise to an asset and meets the underlying definition of an asset as it is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity [lessee]. As a result, it is appropriate for the lessee to recognize a right-of-use asset. In executing the lease agreement, the lessee has incurred a present obligation to pay a specified amount in the future, thus incurring a liability as the arrangement is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. However, as noted below in our response to other questions, we believe that certain measurement attributes that the boards have included in the model do not meet the definition of a liability. As a result of the recognition of the asset and liability above we agree with the boards proposal to recognize amortisation and interest for Type A leases. However whilst we appreciate the boards efforts to provide a simplified cash flow recognition for Type B leases the calculation of amortisation, as the remainder after deducting the unwinding of the lease liability interest from the straight line cost of the remaining cost of the lease, leads to accelerated amortisation of the right of use asset at the end of the lease period rather than amortising the right of use asset in accordance with its use, which is contrary to principles contained in other IFRS. We urge the boards to perform further investigation into the possible implications of this. Question 3: Lessor accounting Do you agree that a lessor should apply a different accounting approach to different leases, depending on whether the lessee is expected to consume more than an insignificant portion of the economic benefits embedded in the underlying asset? Why or why not? If not, what alternative approach would propose and why? We agree with the boards proposal that the lessor apply different differing accounting treatments dependent on the lessee expected usage of the underlying asset. However we are of the opinion that the proposals in the exposure draft will have far reaching effects throughout the leasing industry and urge the 2

4 boards to conduct further research and consultations on the effects of the Exposure Draft on lessors before finalizing the Exposure Draft. Question 4: Classification of leases Do you agree that the principle on the lessee s expected consumption of the economic benefits embedded in the underlying asset should be applied using the requirements set out in paragraphs 28-34, which differ depending on whether the underlying asset is property? Why or why not? If not, what alternative approach would you propose and why? We agree that the classification of leases should differ based on the lessee s expected consumption of the economic benefits of the underlying asset. However, guidance will be required to define terms included in paragraphs 29 and 30 used to determine the significance of the use of the asset by the customer. The terms insignificant part and major part are used in the Exposure Draft to determine the significance of the lease term to the total economic life of the asset. Although the guidance provided lends itself well to a principles-based approach, bright-line tests for the classification judgment may be more useful to prevent incomparability between financial statements. We further suggest the board change wording major part to substantial part in paragraph 30 so as to provide comparability with paragraph 29 and not result in a difference between parts (a) and (b) of paragraph 30. Also, paragraph 31 notes that a lease is classified as a Type A lease if the lessee has a significant economic incentive to exercise a purchase option. Interpretation of the term significant economic incentive could result in incomparability between financial statements based on the interpretation of individual preparers. Question 5: Lease term Do you agree with the proposals on lease term, including the reassessment of the lease term if there is a change in relevant factors? Why or why not? If not, how do you propose that a lessee and a lessor should determine the lease term and why? As noted above in our response to Question 4, the determination of the lease term as included in the Exposure Draft will result in comparability issues between financial statements. Preparers of financial statements will determine the likelihood of the exercise of the option to extend or terminate the lease based on individual judgments and consistency may be compromised. For example, for preparers with incentives to present lower lease liabilities, the principles-based approach (using the term significant economic incentive ) may result in the preparers being able to interpret the guidance in a way to exclude extension periods from their lease liability. As in current U.S. GAAP, an approach with a semi-defined threshold for determining the likelihood of the extension being exercised (i.e., the extension option exercise is reasonably assured ) would result in more comparability across financial statements. In regards to the reassessment of the lease term, we agree that a reassessment is appropriate periodically throughout the lease term to most currently reflect the economics of the transaction at the date of reassessment and the likelihood of the extension option being exercised. However, the current guidance included in the Exposure Draft regarding the timing of the reassessment requires further guidance. 3

5 Question 6: Variable lease payments Do you agree with the proposals on the measurement of variable lease payments, including reassessments if there is a change in an index or a rate used to determine lease payments? Why or why not? If not, how do you propose that a lessee and a lessor should account for variable lease payments and why? Generally, future payments based on an index or a rate can be determined when the initial measurement of the right-of-use asset and lease liability occurs. Therefore, we agree that future variable lease payments depending on an index or a rate (when reliably determined), should be included in the calculation of the right-of-use asset and lease liability. Based on the nature of the future expenses as variable, we also agree that periodic reassessment of future payments is appropriate and the right-of-use asset and lease liability should be adjusted to reflect current index and rate conditions. However, the continual reassessment will require significant preparer costs, including continual monitoring of the indices and rates and disclosure related to the judgments applied in reassessing the variable lease payments. Question 7: Transition Paragraphs C2-C22 state that a lessee and a lessor would recognize and measure leases at the beginning of the earliest period presented using either a modified retrospective approach or a full retrospective approach. Do you agree with those proposals? Why or why not? If not, what transition requirements do you propose and why? Are there any additional transition issues the boards should consider? If yes, what are they and why? Generally, we agree with the requirements proposed in the Exposure Draft related to transition. Although this will require significant costs for preparers, the retrospective application of the new standard would present the most relevant and comparable financial statements to the users. We have significant concerns related to the cost of adoption of the standard by private companies. We are concerned that the boards have not considered all significant costs of implementation; therefore, have not properly weighed costs and benefits of the proposed model. As a result, we would like to point out additional costs that raise concern as to the adoption and prospective reporting costs of compliance. These costs include, but are not limited to, changes in internal controls and processes, costs of new accounting systems, the cost of gathering information upon adoption and prospective reporting, additional books and records to track book/tax differences for tax reporting purposes, and the significant impact on a company s debt covenants. We are concerned that lenders will not fully understand the impact of the proposed model as it is highly possible that the preparers will provide information on a specific company s leverage that is far different than the expectations the lender has based on current operating lease disclosures (including lack of disclosure of short-term leases). Allowing certain inputs and judgments, including allowing the lessee to utilize a discount rate as of the effective date to calculate the lease liability to be recorded, to be applied using the modified retrospective approach would reduce the costs to preparers and provide for an overall less onerous adoption. However, even with the reliefs provided by the Exposure Draft (specifically, those provided for lessees), 4

6 significant costs will be required to transition the new standard and the boards should carefully consider these costs. One additional item that we would like the boards to consider as part of the Exposure Draft is to include disclosures related to the transition in the year prior to adoption. These disclosures would include possible overall financial statement impact of the transition (if feasible in the year prior to adoption) and narrative disclosure of general items to be included in the transition, including a discussion regarding the recording of most leases on the statement of financial position and the recognition of a right-to-use asset and lease liability. This will allow users of the financial statements (specifically, private company financial statement users) to assess how the transition will impact the financial statements, including debt covenant considerations, prior to the full adoption of the standard. Question 8: Disclosure Paragraphs and set out the disclosure requirements for a lessee and a lessor. Those proposals include maturity analyses of undiscounted lease payments; reconciliations of amounts recognized in the statement of financial position; and narrative disclosures about leases (including information about variable lease payments and options). Do you agree with those proposals? Why or why not? If not, what changes do you propose and why? For lessees, we agree that significant qualitative disclosure is appropriate related to the lessee s leasing arrangements. However, the Exposure Draft currently requires extensive detail that would be extremely onerous for preparers (specifically, private company preparers). Because the Exposure Draft requires significant judgments to be made, we believe that the Exposure Draft should focus on disclosure requirements regarding judgments made by the lessee. Currently, the Exposure Draft excludes disclosure requirements for significant judgments, including the classification of leases and the grouping of individual leases for recognition. We also believe that the current quantitative disclosure requirements, including proposed disclosures regarding a reconciliation of opening and closing balances of right-of-use assets and lease liabilities by class of underlying asset and a reconciliation of opening and closing balances of lease liability by type (Type A and Type B) of lease, would be very onerous for preparers (specifically, private company preparers) and do not provide relevant and decision-useful information for the financial statement users. The same is true for the disclosure requirements of lessors with the added complication that for lessors with large numbers of differing lease contracts (or classes of lease contracts after aggregation into differing commercial lease classes) the extensive detail required for each differing class of leases will lead to situation where the volume of disclosure will render the information unintelligible to the users. We recommend the boards provide further guidance on the level of detail necessary to satisfy the disclosure objective as mentioned in paragraphs 59 and 99 and how they are intending leases to be aggregated or disaggregated. Questions 9 to 11 not commented on. 5

7 Question 12: Consequential amendments to IAS 40 The IASB is proposing amendments to other IFRSs as a result of the proposals in this revised Exposure Draft, including amendments to IAS 40, Investment Property. The amendments to IAS 40 propose that a right-of-use asset arising from a lease of property would be within the scope of IAS 40 if the leased property meets the definition of investment property. This would represent a change from the current scope of IAS 40, which permits, but does not require, property held under an operating lease to be accounted for as investment property using the fair value model in IAS 40 if it meets the definition of investment property. Do you agree that a right-of-use asset should be within the scope of IAS 40 if the leased property meets the definition of investment property? If not, what alternative would you propose and why? We agree that a right-of-use asset should be within the scope of IAS 40 where the assets meets the definition of investment property. The mandating of the existing option to account for leases as investment property where the definition is met will lead to further consistency between financial statements and avoid current discrepancies between the treatment of owned and leased investment property. 6

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