Research On Earnings Management Of Sale And Leaseback Under The Change Of Lease Standard

With the development of social economy,as an important economic business and financing channel,leasing plays an increasingly prominent role in China's national economy.However,the accounting treatment of leasing in the old version of the Accounting Standards for Business has always been criticized by society.On the one hand,the sale and leaseback needs to be divided into two types of leases for accounting treatment,and the accounting treatments of the two types of leases are very different,so that the business with the same economic substance has different possibility of accounting treatment.On the other hand,the classification criteria for the two types of leases have clear boundaries and have certain operationalities.Moreover,the requirements for disclosure of rental information are not comprehensive,which creates certain opportunities and space for the company's earnings management.Therefore,after more than ten years of discussion,the International Leasing Standards Council finally formulated a new international lease accounting standard IFRS16 in 2016.According to the “Continuous Convergence Roadmap for Chinese Business Accounting Standards and International Financial Reporting Standards”issued by the Ministry of Finance of China,It shows that China will keep pace with international accounting standards.Finally,in December 2018,China's new edition of“Enterprise Accounting Standards No.21 – Lease” was born.The new leasing criteria have not changed much for the lessor,but the accounting treatment of the lessee is quite different.Therefore,based on the perspective of the lessee,this paper selects the sale and leaseback of ST Zhongpu as the object of case analysis,Starting from the change of the lease standard,the paper analyzes the accounting treatment of the ST Zhongpu sale and leaseback business under the new and old lease rules and the impact of the change of the lease standard.This paper studies the earnings management of enterprises using post-sales leaseback under the change of leasing criteria,and concludes that the enterprise earnings management space under the new leasing criteria is compressed.At the same time,the emergence of new standards will make the disclosure of corporate financial information more realistically reflect the businessstatus of the company,which is conducive to the authenticity and comparability of financial information.At the same time,it may also have many negative impacts on companies that previously had a large number of off-balance sheet assets.The new standard is imperative,and there is not much time since it was fully implemented.How to deal with the impact of the changes in the norm becomes an important issue.Therefore,at the end of the paper,from the three aspects of the rental market participants,the standards designation agencies and the taxation law departments,the paper proposes how to deal with the changes of the norms,and hopes to play a role.