Research On The Impact Of The Reform Of International Leasing Accounting Standards

With the continuous development of the economy,in order to reduce the operating costs and risks of enterprises,enterprises have begun to acquire the right to use assets through leasing.Thus the development of the leasing industry has been promoted all the time.However,as the proportion of leasing business increases,the reliability of related financial information becomes more and more important for investors and other stakeholders.Therefore,leasing accounting standards have been continuously improved.Both the international lease accounting standards before the revision and the lease accounting standards in China divide the lease into operating leases and financial leases.The assets obtained by the lessee through the financial lease need to be confirmed in the statement of financial position,and the operating lease only needs to be disclosed in the notes,which not only affects the quality of the accounting information,but also affects the business decisions of the report users.Therefore,the International Accounting Standards Board and the US Financial Accounting Standards Board began to revise the old international leasing accounting standards.After years of hard work,IFRS 16 which based on the right-of-use model was identified.Since the publication of the new international leasing standards,multi-party statistics show that the shipping industry will be one of the industries affected.However,the shipping market is currently in a moderate recovery state,and most shipping companies had just turned loss into gain at the end of 2017.The changes in the leasing accounting standard must have an influence on the development of the shipping industry and the leasing industry.Since 2015,China has been adhering to the spirit of substantive convergence with IFRS.And on January 16,2018,it promulgated the Accounting Standards for Business Enterprises No.21-Lease(Revision)(Draft for Comment).Therefore,in order to make Chinese shipping companies prepare for the reform of China’s leasing accounting standards,this paper selects a representative shipping company in China,COSCO SHIPPING EnergyTransportation Co.,Ltd.,to make analysis.Starting from the course of standards reform,the paper analyzes the reasons for the promulgation of the new standards,and compares the concepts,accounting treatment and disclosure of the new and old international lease standards.Based on the financial data disclosed by COSCO SHIPPING Energy Transportation Co.,Ltd.in 2017,author adjusted the according to the requirements of the new international leasing accounting standards.And compared it with the data under Chinese leasing accounting standards from the financial statements and financial ratios.It also analyzes the influence on business decision.Finally,according to the impact of the standards on enterprises,a number of suggestions are put forward from the aspects of micro-coping and macro-coping strategies,and author hope that Chinese leasing standards,which converge with the new international leasing standards,can complete the reform successfully and shipping companies can actively respond to the reform of leasing standards,and make the further improvement in our leasing industry and shipping industry.