Home  Journals  International Accounting  11(461) - 2019 November

Federal accounting standard FSBU 25/2018 Accounting for Leases: Practical application issues

Received: 9 October 2019

Received in revised form: 23 October 2019

Accepted: 30 October 2019

Available online: 15 November 2019

Subject Heading: NATIONAL STANDARDS OF ACCOUNTING AND REPORTING

JEL Classification: М41

Pages: 1208–1222

https://doi.org/10.24891/ia.22.11.1208

Subject This article examines the issues related to the upcoming introduction of the new Federal Accounting Standard FSBU 25/2018 Accounting for Leases. It will be mandatory for business use in Russia, starting with reporting for 2022.
Objectives The article aims to analyze complex methodological issues of lease accounting when implementing the Standard FSBU 25/2018 and determine how to improve the regulatory framework of domestic accounting.
Methods For the study, we used the methods of systems analysis and generalization of legislative and regulatory documents relating to lease agreements.
Results The article finds out that one of the reasons for the problems identified is the brevity of the methodological documents including the ones that describe the issues of lease accounting presented in the International Accounting Standards regulations in more detail.
Conclusions and Relevance The article concludes that it is necessary to develop methodological recommendations on the application of FSBU 25/2018, which will present a unified methodological approach to the definition of Unguaranteed Residual Value and qualification of lease contracts and contracts that have various terms of validity. The results of the study are intended for scientific and practical activities and training of specialists in accounting and auditing, as well as the development of proposals to improve the method of domestic accounting, focused on convergence with contemporary international practice.

Keywords: lease, unguaranteed residual value, lease term, perpetual lease contract

References:

1. Lisovskaya I.A., Trapeznikova N.G. [IFRS 16 Lease: Novations of lease contracts accounting in the financial statement of lessee]. Vestnik Povolzhskogo gosudarstvennogo tekhnologicheskogo universiteta. Seriya: Ekonomika i upravlenie = Vestnik of Volga State University of Technology. Series: Economy and Management, 2017, no. 3 (35), pp. 49–62. (In Russ.)
2. Lisovskaya I.A., Trapeznikova N.G. [FSBU 25/2018 Lease Accounting: landlord's accounting]. Bukhuchet v stroitel'nykh organizatsiyakh = Accounting in Construction Companies, 2019, no. 9(186), pp. 30–42. (In Russ.)
3. Alekseeva G.I. [Lease accounting in terms of standardization of accounting as a methodology for the development of accounting and control procedures]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2019, vol. 22, iss. 4, pp. 379–392. (In Russ.) URL: Link
4. Alekseeva G.I. [Accounting for lease during the standardization of accounting and financial reporting]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2018, vol. 21, iss. 4, pp. 452–465. (In Russ.) URL: Link
5. Alekseeva G.I. [New Requirements of International Financial Reporting Standards for the Accounting of Leases]. Bukhgalter i zakon = Accountant and Law, 2016, no. 4, pp. 2–9. URL: Link (In Russ.)
6. Vakutin N.A., Fedulova E.A. [Developing the accounting policy elements, providing the conditions for leaseback as a tool of corporate finance management]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2018, vol. 21, iss. 3, pp. 254–270. (In Russ.) URL: Link
7. Druzhilovskaya E.S. [Some examples of rental accounting in accordance with FSBU 25/2018]. Bukhgalterskii uchet = Accounting, 2019, no. 6, pp. 18–26. (In Russ.)
8. Druzhilovskaya E.S. [Lease accounting objects and their valuation in the new federal accounting standard]. Bukhuchet v zdravookhranenii = Accounting in Healthcare, 2019, no. 5, pp. 14–22. (In Russ.)
9. Druzhilovskaya E.S. [Lease Accounting under IFRS 16]. Bukhgalterskii uchet = Accounting, 2016, no. 5, pp. 17–22. (In Russ.)
10. Kuz'min M.Yu. [Lease agreement under the new rules: how to show it in the statements]. MSFO na praktike, 2017, no. 11, pp. 32–38. (In Russ.) URL: Link
11. Petrova V.Yu. [Accounting for leases]. Bukhgalterskii uchet = Accounting, 2019, no. 5, pp. 5–17. (In Russ.)
12. Plotnikov V.S., Plotnikova O.V., Mel'nikov V.I. [The theoretical aspects of IFRS 16]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2017, vol. 20, iss. 1, pp. 2–15. (In Russ.) URL: Link
13. Plotnikova O.V., Bezhan M.V., Moskaleva V.A. [Accounting for financial instruments in lease transactions]. Mezhdunarodnyi bukhgalterskii uchet = International Accounting, 2017, vol. 20, iss. 10, pp. 563–578. (In Russ.) URL: Link
14. Soldatkina O.A. [Rental accounting: IFRS 16 and FAS 25/2018]. Ehkonomika i predprinimatel'stvo = Journal of Economy and Entrepreneurship, 2019, no. 1(102), pp. 1146–1149. (In Russ.)
15. Nizkov A. [How to take account of changes in the lease term]. MSFO na praktike, 2019, no. 7, pp. 11–16. (In Russ.) URL: Link
16. Regentova N. [How to converge lease accounting: New IFRS and FSBU]. MSFO na praktike, 2019, no. 3, pp. 18–23. (In Russ.) URL: Link
17. Chernova E. [How to account the land lease under the new rules]. MSFO na praktike, 2019, no. 9, pp. 41–44. (In Russ.) URL: Link
18. Yakubson A. [The new lease standard: What should be changed in accounting policies right now]. MSFO na praktike, 2018, no. 12, pp. 7–13. (In Russ.) URL: Link
19. Gabelli G.K. [Where does the freedom of an agreement end?]. Promyshlennost': bukhgalterskii uchet i nalogooblozhenie, 2014, no. 5, pp. 47–56. (In Russ.)
20. Klimova M.A. [Rent and leasing]. Ekonomiko-pravovoi byulleten': tematicheskii vypusk, 2014, no. 4, 160 p. (In Russ.)

View all articles of issue

ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

Journal current issue

Vol. 27, Iss. 4 April 2024

Archive