IFRS Lease Accounting en de Vastgoedmarkt

Transcriptie

1 Live Webinar IFRS Lease Accounting en de Vastgoedmarkt DIRK BROUNEN JAY TAHTAH 28 AUGUSTUS 2013, 13:00

2 Agenda Welkom, een korte uitleg Dirk Brounen - Hoogleraar vastgoedeconomie, TiasNimbas Business School IFRS leasing, een stand van zaken Jay Tahtah - Director Capital Markets and Accounting Advisory Services, PwC IFRS en (corporate) real estate Dirk Brounen Samenvatting en leestips

3 Geef uw mening en stel uw vraag!

4 Agenda IFRS leasing, een stand van zaken Jay Tahtah Director Capital Markets and Accounting Advisory Services PwC

5 Proposal to bring all leases on balance sheet has been in the pipeline for more than 15 years In 1996 first discussion paper (McGregor/IASB) In 2009 third discussion paper IASB and FASB with main focus on lessees May 2013: Re-exposed Exposure Draft for both lessee and lessor accounting, comment period 120 days (until 13 September 2013) Final IFRS standard ? 2017? In 2000 second discussion paper IASB which suggested removal of off-balance sheet accounting August 2010: Exposure Draft with proposal on both lessee and lessor accounting Effective date

6 Existing off balance sheet operating leases and rentals will come on balance sheet of tenants Lessee accounting Lessor accounting Current IFRS (IAS 17) Many (property) leases are off balance sheet operating leases for lessees Operating lease (off balance sheet) Finance lease (on balance seet) Operating lease Finance lease Future IFRS (2013 ED) On balance-sheet accounting for all leases (including property leases) Balance sheet: ALL leases on balance sheet as a rightof-use asset and lease liability (except short term leases) Income statement: Financing approach (Type A) Straight line approach (Type B) Receivable and residual approach (Type A) Operating leases approach (Type B)

7 Different recognition of leases depending on whether underlying asset is Real Estate Lessee Lessor TYPE A (mostly equipment / vehicle leases) TYPE B (mostly real estate leases) TYPE A (mostly equipment / vehicle leases) TYPE B (mostly real estate leases) Balance sheet On balance sheet : Right-of-Use asset and lease liability Lease receivable and residual asset Continue to report assets being leased (e.g. IAS 40) Income statement Front-loaded amortisation and interest expenses ( financing ) Straight-line rental expenses Front-loaded interest income on lease receivable and residual asset and any upfront profit ( financing ) Straight-line rental income Cash flow statement Principal paid (financing), Interest paid (operating) Total cash paid operating Operating Operating

8 Most commonly used financial ratios and performance metrics will be redefined The proposed standard impacts: Leverage and capital ratios EBITDA/EBIT EPS Statement of cash flow Which could further impact: Loan covenants Credit agreements Compensation plans Internal budgeting

9 Financial impact is only the tip of iceberg so start thinking about a roadmap for change Financial Behavioural changes Operations Systems and data Stakeholders Business processes and controls

10 Thank you T: +31 (0) Jay Tahtah Director 2013 PwC. All rights reserved. Not for further distribution without the permission of PwC. "PwC" refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm's professional judgment or bind another member firm or PwCIL in any way.

11 Agenda IFRS en (corporate) real estate Dirk Brounen TiasNimbas Business School

12 Vijf fasen van CREM 1. Ontkenning 2. Boosheid 3. Onderhandeling 4. Depressie 5. Acceptatie Wij zitten niet in vastgoed, Zeckhauser (1983) Veel bedrijfsvastgoed trekt raiders aan, Ambrose (1990) Vastgoed is onze vijfde business resource, Joroff (1993) Dispositie is waardecreatie, Slovin (1995) Vraag maar wat je wil weten!

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14 Klaar voor IFRS?

15 Wie wacht?

16 Wat vertellen bedrijven over hun vastgoed? V transparent IV III information II I incidental timing structural opaque

17 Weet hoeveel je in huis hebt!

18 Nou en?

19 Aan wie leg je verantwoording af?

20 0,20 S&P 1000 analyse laat zien. Figure 4 Real estate ownership impact on financial value drivers 0,15 0,10 0,05 0,00-0,05 tax rate debt ratio cost of debt dividend payout -0,10-0,15-0,20-0,25 RE poor RE rich

21 Samenvatting.. IFRS is echt om de hoek De laatste mijlpalen worden geslagen IFRS zorgt voor transparantie Daarmee komen financiële effecten van vastgoedbeleid aan het licht.

22 Vragen van het publiek

23 Verder Leestips: - The overhaul of lease accounting, PwC - Real Estate Acceptance, Brounen et al. - CoreNet/TiasNimbas Survey - Hotelvastgoed, Barentsen MRE

24 Leestips

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26 Lestips

27 Verder Leestips: - The overhaul of lease accounting, PwC - Real Estate Acceptance, Brounen et al. - CoreNet/TiasNimbas Survey - Hotelvastgoed, Barentsen MRE Volgend webinar: gebiedsontwikkeling, nieuwe stijl Bezoek onze site: Aanmelden / suggesties: vastgoedlab@tiasnimbas.edu