Analysis Of The Expected Impact Of IFRS16

The better the economy develops,the more important the accounting is.As one of the important financing channels for enterprises,leasing is becoming more and more common in enterprises,and the leasing industry develops rapidly in the world.As the information carrier of leasing,the importance of leasing accounting is self-evident.However,the current lease accounting standards(IAS 17)have been criticized for many drawbacks.In the form of operating leases,most of the assets and liabilities of the leased assets are not confirmed in the table,and the users of the report are difficult to learn the real leasing situation of the enterprises.Therefore,IASB and FASB set up a joint project team to revise the lease accounting standards in 2006,which has released a version of the draft(2009),two edition of the draft(2010 and 2013)and some other relevant reform documents.After revising repeatedly on the basis of extensive community feedback,IASB ultimately issued a new International Lease Accounting Standards IFRS 16 in 2016.Chinese Accounting Standards and International Financial Reporting Standards insist sustained convergence,reform of the international lease accounting standards is bound to promote China’s leasing guidelines convergence adjustment.In recent years,the leasing industry in China has been developed rapidly,the leasing business in listed companies is also increasing.If we implement IFRS 16,it will affect the financial statements of the lease subject,thereby affecting the users of financial statements and other interest related parties.Therefore,this article proceed from the new international accounting standards,analyzing changes of the revised lease accounting standards and the expected impact of IFRS 16 on China,and making policy recommendations.This article uses the standard research method,which includes six parts:The first part,Introduction,includes induction or review of existing articles on the basis of the background and significance of the paper elaborated on the current research,presents research ideas and methods,and points out the innovation points and limitations.The second part,the process and content of the reform of IASB Lease Accounting Standards(IAS17),includes introducing the reform process and related content of international lease accounting standards,and evaluates the content of IFRS16,analyzing the positive significance and limitations of the reform.The third part,basic analysis of the expected impact of IFRS16.Starting with an introduction of the theoretical basis of the research,including accounting related theory and economics related theory.Secondly,analyzing the expected effect of the lease accounting standards change on basis of the theoretical analysis,which mainly affects the financial statements of leasing subject,thereby affecting the relevant parties,including external users of financial statements,leasing subject itself and the leasing industry,the interests of the parties involved in the game also affects the standards setting body.The forth part,based on the further analysis of the expected impact of IFRS 16.First,analyze implementation of lease accounting criterion of our country by listed company data in 2014 and 2015.Secondly,select wholesale and retail industry listed companies as the research sample,simulate the operation of the sample data to analyze the impact of IFRS 16 on corporate financial statements.Finally,conduct a questionnaire survey to analyze the existing enterprise leasing business and attitude for IFRS 16 application prospect.The fifth part,recommendations of China’s international convergence of lease accounting standards.Analyzing transitional strategies in view of the dynamic change and expected effect of IFRS16.Establish the guiding ideology of the transitional policy according to the macro economic environment and the specific conditions of our country,respectively from the guidelines,the implementation of the guidelines and other relevant departments to introduce the specific measures for transition strategy.The sixth part,conclusion and prospect.Through the detailed research,the author thinks defects of the current lease accounting criterion affect the quality of the financial reports accounting information,which is not conducive to standardize enterprise behavior,so the reform of the lease accounting standards has positive significance.But the development of China’s leasing industry is not mature,the reform trend will certainly cause some impact,especially in the industry which has relatively large operating lease.Thus,while maintaining the basis of international convergence of accounting standards,we need fully consideration for the actual situation of our country and the joint efforts of relevant parties,so as to promote the smooth implementation of the lease accounting standards reform,provide good policy support for the healthy development of the leasing industry of our country.