LEASING ACCOUNTING ACCORDING TO INTERNATIONAL REGULATIONS

The cost of the right-of-use asset shall include:

• the value of the initial valuation of the debt arising from the leasing contract;

In this regard, at the date of commencement of the contract, a lessee must value the debt arising from the leasing contract at the present value of the lease payments that are not paid on that date. Lease payments must be discounted using the default interest rate in the lease agreement if that rate can be determined immediately. If this rate cannot be determined immediately, the lessee must use the lessee’s marginal loan rate.

• any leasing  payments  made  on or  before  the  start  date  of  the  run,  minus  any leasing incentives received;
• any initial direct costs incurred by the lessee; And
• an estimate of the costs to be borne by the lessee for the dismantling and removal of the underlying asset, for the restoration of the place where it is located or for bringing the underlying asset to the condition imposed in the terms and conditions of the leasing contract, unless these costs are incurred for the production of stocks.

Liabilities for such costs are recognised and measured as provisions in accordance with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”.

At the conceptual level, the difference between the previous accounting model applied by the lessee and the new model provided by IFRS 16 is that in the future a right (of use) of the asset will be highlighted, and not an asset and, correspondingly, an expense with the depreciation of the right of use, and not an expense with the recovery of the value of the asset (depreciation of the asset).

With regard to the determination of the interest rate, IFRS 16 defines:

• the interest rate implicit in the leasing contract – the interest rate that causes the present value of the lease payments and the unsecured residual value to be equal to the sum of the fair value of the underlying asset and any direct initial cost of the lessor;
• the tenant’s marginal loan rate – the interest rate that the lessee would have to pay to borrow, for a similar period and with a similar guarantee, the funds necessary to obtain an asset with a value similar to that of the right-of-use asset, in a similar economic