The Impact Of The New Lease Policy On Leasing Shipping Enterprise

The latest <IFRS16-leasing> will replace the current version of <IAS17-leasing> on January 1,2019.The new international leasing standards is proposed the theory of "the right to use".which is clearly stipulate that all leased assets are included in the balance sheet.It is proposed that the lessee no longer to distinguishes the operating leases and financial leases in accounting treatment.Operating the lease business accounting in accordance with unified accounting standards.This is similar to the current financial leasing accounting.Achieving a long-standing goals of recording the operating lease into the leese's balance sheet.All the companies who needs to lease significant assets for business purposes,the reported assets and liabilities will rise.The current method of accounting for lessors is still used.The lessor continues to divide the lease into financial leasing and operational leasing.China's shipping industry is developing rapidly,the leasing has already becomes an important way to get financing and industry enterprises to expand their enterprise scale,Leasing Industry as an Important Industry in China's Modern Service Industry,It has already become a way to promote economic restructuring,and Industrial transformation and upgrading,and reducing the Ratio of Assets and Liabilities.Therefore,the implementation of new international accounting standards will have a significant impact on China's leasing business.Due to the new IFRS16 implementation of the new standards make a negative effect on leasing business in China.In order to promote the convergence of China's enterprise accounting standards and international accounting standards,Ensure good cooperation between Chinese companies and international leasing We learned from <IFRS16-leasing> and in connection with the actual situation of our country,we drafted the "Acoording standars for business enterprise NO.21-lease(Revised)" in march 2018.Promoting the convergence of China's accounting standards and international financial standards.Further standardize the confirmation,measurement and related information of leases by Chinese enterprises.This paper firstly analyzes the changes in the new leasing criteria of IFRS16,compares the differences between the new and old leasing criteria on the accounting treatment of the lessee and lessor leasing business,and the impact and scope of financial statement disclosure.Secondly,China's main content of the CAS21 new lease standard issued in December,2018 is sorted out under the convergence effect of international leasing standards.The biggest change in CAS21 and IFRS16 in China is the capitalization of operating leases.Instead of dividing operating leases and financial leases,all leases are included in the presentation of financial reports.(Except for exemptions)The implementation of the new leasing standards has affected many industries,such as transportation,aviation,retailing of leasing stores,etc.moreover,the scale of enterprise leasing more lager,the impact for the key indicators is more lager.This article takes the case of COSCO Shipping Holdings Co.,Ltd.,a leading shipping company.The development of the shipping industry requires a large amount of leasing business.The advantage of operating leases makes the shipping enterprise have a large amount of business.Therefore,the following data is disclosed in the 2016-2017 COSCO HAIKONG Report.Based on the estimated minimum lease payments.Restate the financial statements in accordance with the new rules.Compare the changes and impacts of the financial data of the company,Changes and impacts on balance sheets,income statements,cash flow statements and financial ratios.Analyzing the challenge of Haikong COSCO to implement the new CAS21 Leasing Guide in 2019.Give some suggestions on how to deal with the new lease criteria.