In 2017 the Indonesian Financial Accounting Standards Board (DSAK-IAI) issued PSAK 73, ‘Leases’, and thereby started a new era of lease accounting for lessees. Whereas, under the previous guidance in PSAK 30, Leases, a lessee had to make a distinction between a finance lease (on balance sheet) and an operating lease (off balance sheet), the new model requires the lessee to recognise almost all lease contracts on the balance sheet; the only optional exemptions are for certain short-term leases and leases of low-value assets.
For lessees that have entered into contracts classified as operating leases under PSAK 30, this could have a huge impact on the financial statements.
At first, the new standard will affect balance sheet and balance sheet-related ratios such as the debt/equity ratio. Aside from this, PSAK 73 will also influence the income statement, because an entity now has to recognise interest expense on lease liabilities (obligations to make lease payments) and depreciation on ‘right-of-use’ assets (assets that reflects the right to use the leased asset). As a result, for lease contracts previously classified as operating leases the total amount of expenses at the beginning of the lease period will be higher than under PSAK 30. Another consequence of the changes in presentation is that EBIT and EBITDA will be higher for companies that have material operating leases.
The new guidance will also change the cash-flow statement. Lease payments that relate to contracts that have previously been classified as operating leases are no longer presented as operating cash flows in full. Only the part of the lease payments that reflects interest on the lease liability can be presented as an operating cash flow (depending on the entity’s accounting policy regarding interest payments). Cash payments for the principal portion of the lease liability are classified within financing activities. Payments for short-term leases, leases of low-value assets and variable lease payments not included in the measurement of the lease liability remain presented within operating activities.
Although accounting remains substantially the same for lessors, the changes made by the new standard are still relevant. In particular, lessors should be aware of the new guidance on the definition of a lease, subleases and the accounting for sale and leaseback transactions. The changes in lessee accounting might also have an impact on lessors as lessee’s needs and behaviours change and they enter into negotiations with their customers.
• leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources;
• leases of biological assets within the scope of PSAK 69, Agriculture, held by lessees;
• service concession arrangements within the scope of ISAK 16, Service Concession Arrangements;
• licences of intellectual property granted by a lessor within the scope of PSAK 72, Revenue from Contracts with Customers; and
• rights held by a lessee under licensing agreements within the scope of PSAK 19, Intangible Assets, for items such as motion-picture films, video recordings, plays, manuscripts, patents and copyrights. Aside from this, a lessee may choose to apply PSAK 73 to leases of intangible assets other than those mentioned above.
PSAK 73 defines a lease as a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for a consideration. At first sight, the definition looks straightforward. But, in practice, it can be challenging to assess whether a contract conveys the right to use an asset or is, instead, a contract for a service that is provided using the asset.
For example, an entity might want to transport a specified quantity of goods, in accordance with a stated timetable, for a period of five years from A to B by rail. To achieve this, it could either rent a number of rail cars or it could contract to buy the transport service from a freight carrier. In both cases, the goods will arrive at B – but the accounting might be quite different.
Leases are different from service contracts: a lease provides a customer with the right to control the use of an asset, whereas, in a service contract, the supplier retains control.
• there is an identified asset; and
• the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration.
An asset can be identified either explicitly or implicitly. If explicitly, the asset is specified in the contract (for example, by a serial number or a similar identification marking); if implicitly, the asset is not mentioned in the contract (so the entity cannot identify the particular asset) but the supplier can fulfil the contract only by the use of a particular asset. In both cases there may be an identified asset.
In any case, there is no identified asset if the supplier has a substantive right to substitute the asset. Substitution rights are substantive where the supplier has the practical ability to substitute an alternative asset and would benefit economically from substituting the asset.
The term ‘benefit’ is interpreted broadly. For example, the fact that the supplier could deploy a pool of assets more efficiently, by substituting the leased asset from time to time, might create a sufficient benefit as long as there are no significant costs.
It is important to note that ‘significant’ is assessed with reference to the related benefits (that is, costs must be lower than benefits, it is not sufficient if the costs are low or not material to the entity as a whole). Significant costs could occur, in particular, if the underlying asset is tailored for use by the customer.
For example, a leased aircraft might have specific interior and exterior specifications defined by the customer. In such a scenario, substituting the aircraft throughout the lease term could create significant costs that would discourage the supplier from doing so.
The assessment whether a substitution right is substantive depends on the facts and circumstances at inception of the contract and does not take into account circumstances that are not considered likely to occur.
A right to substitute an asset if it is not operating properly, or if there is a technical update required, does not prevent the contract from being dependent on an identified asset.
The same is true for a supplier’s right or obligation to substitute an underlying asset for any reason on or after a particular date or on the occurrence of a specified event because the supplier does not have the practical ability to substitute alternative assets throughout the period of use.
If the customer cannot readily determine whether the supplier has a substantive substitution right, it is presumed that the right is not substantive (that is, that the contract depends on an identified asset).
The new lessee accounting model within PSAK 73 is the most important change to current guidance. Under PSAK 73, lessees will no longer distinguish between finance-lease contracts (on balance sheet) and operating-lease contracts (off balance sheet), but they are required to recognise a right-of-use asset and a corresponding lease liability for almost all lease contracts. This is based on the principle that, in economic terms, a lease contract is the acquisition of a right to use an underlying asset with the purchase price paid in instalments.
The effect of this approach is a substantial increase in the amount of recognised financial liabilities and assets for entities that have entered into significant lease contracts that are currently classified as operating leases.
The lease liability is initially recognised at the commencement day and measured at an amount equal to the present value of the lease payments during the lease term that are not yet paid; the right-of-use asset is initially recognised at the commencement day and measured at cost, consisting of the amount of the initial measurement of the lease liability, plus any lease payments made to the lessor at or before the commencement date less any lease incentives received, the initial estimate of restoration costs and any initial direct costs incurred by the lessee. The provision for the restoration costs is recognised as a separate liability.
• fixed payments (including in-substance fixed payments), less any lease incentives receivable;
• variable lease payments that depend on an index or a rate;
• amounts expected to be payable by the lessee under residual value guarantees;
• the exercise price of a purchase option (if the lessee is reasonably certain to exercise that option); and
• payments of penalties for terminating the lease (if the lease term reflects the lessee exercising the option to terminate the lease).
1. Variable-lease payments based on an index or a rate: Variable lease payments based on an index or a rate (for example, linked to a consumer price index, a benchmark interest rate or a market rental rate) are part of the lease liability. From the perspective of the lessee, these payments are unavoidable, because any uncertainty relates only to the measurement of the liability but not to its existence. Variable lease payments based on an index or a rate are initially measured using the index or the rate at the commencement date (instead of forward rates or indices). This means that an entity does not forecast future changes of the index or rate; these changes are taken into account at the point in time in which lease payments change. The accounting for variable lease payments that depend on an index or a rate is illustrated in the example on page 32.
2. Variable-lease payments based on any other variable: Variable lease payments not based on an index or a rate are not part of the lease liability. These include payments linked to a lessee’s performance derived from the underlying asset, such as payments of a specified percentage of sales made from a retail store or based on the output of a solar or a wind farm. Similarly payments linked to the use of the underlying asset are excluded from the lease liability, such as payments if the lessee exceeds a specified mileage. Such payments are recognised in profit or loss in the period in which the event or condition that triggers those payments occurs.
3. In-substance fixed payments: Lease payments that, in form, contain variability but, in substance, are fixed are included in the lease liability. The standard states that a lease payment is insubstance fixed if there is no genuine variability (for example, where payments must be made if the asset is proven to be capable of operating, or where payments must be made only if an event occurs that has no genuine possibility of not occurring). Furthermore, the existence of a choice for the lessee within a lease agreement can also result in an in-substance fixed payment. If, for example, the lessee has the choice either to extend the lease term or to purchase the underlying asset, the lowest cash outflow (that is, either the discounted lease payments throughout the extension period or the discounted purchase price) represents an in-substance fixed payment. In other words, the entity cannot argue that neither the extension option nor the purchase option will be exercised.
If payments are initially structured as variable-lease payments linked to the use of the underlying asset but the variability will be resolved at a later point in time, those payments become in-substance fixed payments when the variability is resolved.
PSAK 30 does not contain any specific guidance on in-substance fixed payments. However, the current practice already follows this approach.
A residual-value guarantee captures any kind of guarantee made to the lessor that the underlying asset will have a minimum value at the end of the lease term. The Board indicated it believed that a residualvalue guarantee could be interpreted as an obligation to make payments based on variability in the market price for the underlying asset and is similar to variable-lease payments based on an index or a rate.
The standard defines initial direct costs as incremental costs that would not have been incurred if a lease had not been obtained. Such costs include commissions or some payments made to existing tenants to obtain the lease. All initial direct costs are included in the initial measurement of the right-ofuse asset.
The lessee uses as the discount rate the interest rate implicit in the lease: this is the rate of interest that causes the present value of (a) lease payments and (b) the unguaranteed residual value to equal the sum of (i) the fair value of the underlying asset and (ii) any initial direct costs of the lessor. Determining the interest rate implicit in the lease is a key judgement that can have a significant impact on an entity’s financial statements.
If this rate cannot be readily determined, the lessee should instead use its incremental borrowing rate. The incremental borrowing rate is defined as the rate of interest that a lessee would have to pay to borrow, over a similar term and with a similar security, the funds necessary to obtain an asset of a similar value to the cost of the right-of-use asset in a similar economic environment. Restoration costs
In many cases, the lessee is obliged to return the underlying to the lessor in a specific condition or to restore the site on which the underlying asset has been located. To reflect this obligation, the lessee recognises a provision in accordance with PSAK 57, Provisions, Contingent Liabilities and Contingent Assets.
The initial carrying amount of the provision, if any, (that is, the initial estimate of costs to be incurred) should be included in the initial measurement of the right-of-use asset. This corresponds to the accounting for restoration costs in PSAK 16 Property, Plant and Equipment.
Any subsequent change in the measurement of the provision, due to a revised estimation of expected restoration costs, is accounted for as an adjustment of the right-of-use asset as required by ISAK 9, Changes in Existing Decommissioning, Restoration and Similar Liabilities.
Di Indonesia, PSAK 73 ini sudah diimplementasikan sejak tahun 2020 lalu, dan PSAK 73 ternyata mengadopsi amandemen yang berasal dari International Financial Reporting standard (IFRS) 16 yang di dalamnya berisi standar tunggal atas suatu sewa. Dalam pandangan ilmu akuntansi, tujuan dibuatnya PSAK 73 adalah agar bisa mengubah pembukuan atas transaksi sewa yang ada di sisi penyewa atau lease itu sendiri. Menerapkan kebijakan ini tidak serta-merta bisa membawa perubahan pembukuan untuk pihak yang memberikan hak sewa. Untuk itu, tujuannya dibentuk PSAK 73 adalah sebagai pelaporan model akuntansi tunggal, yang mana diperuntukkan pada pihak penyewa dengan cara mengklasifikasikan sewa tersebut sebagai pembiayaan ataupun capital lease. Ingin mengenal lebih dalam tentang PSAK 73? Tenang, karena kami sudah merangkumnya khusus untuk Anda di bawah ini.
1 Apa Itu PSAK 73 Sewa?
2 Penerapan PSAK 73 dalam Akuntansi Penyewa
3 Implementasi PSAK 73 dalam Perusahaan
3.1 1. Melakukan Identifikasi Kontrak
3.2 2. Biaya Melekat Pada Kontrak Sewa
3.3 3. Aset Hak Guna dan Liabilitas
4 Kenapa Menerapkan PSAK 73 Pada Perusahaan Itu Penting?
Berdasarkan peraturan yang berlaku, PSAK 73 sewa adalah penerapan prinsip pengukuran, penyajian, pengungkapan, serta pengakuan sewa. Tujuannya adalah memastikan pihak sewa dan penyewa akan memberikan informasi secara relevan dan juga menjelaskannya secara tepat dalam transaksi tersebut. Kehadiran informasi ini juga akan memberikan suatu pedoman untuk para pengguna laporan keuangan agar bisa mengetahui dampak dari adanya transaksi sewa pada siklus akuntansi, seperti arus kas perusahaan, posisi keuangan, dan performa keuangannya. PSAK 73 sewa ini menggantikan beberapa standar, yakni PSAK 30 yang di dalamnya mengatur tentang sewa, ISAK 8 yang di dalamnya mengatur perjanjian sewa, dan ISAK 23 yang mengatur tentang sewa operasi atau insentif.
Selain itu, PSAK 73 pun menggantikan ISAK 25 terkait hak atas suatu bidang tanah, dan ISAK 24 terkait evaluasi substansi transaksi yang di dalamnya melibatkan bentuk sewa legal. Hal tersebut tentunya akan memberikan dampak yang sangat besar pada pajak dan juga laporan keuangan secara menyeluruh.
Mendapatkan pengakuan aset hak guna dan juga liabilitas dari sewa Menghitung aset hak guna di dalam biaya perolehan Membuat perkiraan liabilitas sewa dalam hal pembayaran sewa yang belum dibayar ketika tanggal permulaan.
Terdapat beberapa hal yang harus diperhatikan oleh perusahaan dalam mengimplementasikan PSAK 73, yaitu:
Di dalamnya, pihak yang menyewa harus bisa mengidentifikasi apakah sewa tersebut sudah termasuk dalam sewa guna usaha atau sebagai sewa operasi sejak terbitnya kontrak sewa. Jika terdapat indikasi secara substansial dan mampu memberikan ekonomi, hingga bisa mengarahkan pada penggunaan aset, maka Anda bisa mengkategorikan kontrak tersebut mengandung sewa.
Adanya kontrak yang memiliki jangka waktu kurang dari satu tahun Penyewaan dasar aset yang memiliki nilai rendah, seperti laptop atau komputer Perjanjian kontrak sewa yang tidak melewati batas nilai materialitas
Berbagai jenis biaya yang terdapat di dalam kontrak sewa mencakup biaya perawatan, restorasi, renovasi, dan berbagai biaya lainnya yang tercantum di dalam kontrak sewa.
Penerapan di dalam aset hak guna akan sama dengan pengukuran aset lainnya, yang mana liabilitas hak guna akan diukur sesuai dengan pengukuran liabilitas keuangan lain. Beberapa jenis aset hak guna tersebut adalah advance payment, liabilitas sewa, biaya langsung awal, dan estimasi biaya restorasi yang dikurang dengan insentif sewa tersebut.
Penyewaan adalah salah satu cara untuk mempunyai aset. Nah, klasifikasi penyewaan ini sangat penting untuk para pengguna laporan keuangan. Hal tersebut demi mencapai penyajian informasi keuangan yang lengkap dan juga lebih mudah memahami kegiatan penyewaan yang dilakukan oleh perusahaan. Model akuntansi yang lama memang sudah tidak bisa lagi memenuhi keperluan para pengguna laporan keuangan. Itulah alasannya representasi penyewaan sudah tidak lagi tepat. Inilah peran penting PSAK 73, yakni demi memberikan informasi di dalam laporan keuangan secara tepat, sekaligus menjaga serta meningkatkan kualitas keputusan yang dibuat oleh manajemen.
Sudahkah Anda mengetahui kebijakan PSAK 73? Tidak perlu khawatir jika belum, ternyata sudah diterapkan sejak 2020 dan PSAK 73 ini mengadopsi amandemen dari International Financial Reporting standard (IFRS) 16 yang berisi standar tunggal atas sewa. Secara dasar akuntansi bahwa PSAK 73 bertujuan untuk mengubah pembukuan atas transaksi sewa dari sisi penyewa (lesse) tersebut. Akan tetapi menerapkan kebijakan ini tidak akan membawa perubahan pembukuan untuk pihak yang memberikan sewa. Maka dari itu adanya tujuan PSAK 73 adalah sebagai pelaporan model akuntansi tunggal, yang diperuntukkan bagi pihak penyewa dengan mengklasifikasikan sewa sebagai sewa pembiayaan maupun capital lease.
Secara ketentuan, PSAK 73 sewa merupakan penerapan prinsip penyajian, pengungkapan, pengukuran, dan pengakuan sewa. Di mana PSAK 73 bertujuan memastikan bahwa pihak penyewa dan pesewa akan memberikan informasi secara relevan dan menjelaskan dengan tepat transaksi tersebut. Selain itu adanya informasi ini memberikan suatu dasar bagi pemakai laporan keuangan, dalam mengetahui dampak dari transaksi sewa pada siklus akuntansi seperti posisi keuangan, arus kas entitas, dan kinerja keuangan.
Adapun penyesuaian PSAK 73 sewa yang telah menggantikan beberapa standar yaitu PSAK 30 mengatur tentang sewa, ISAK 8 mengatur apakah sebuah perjanjian menentukan sewa, dan ISAK 23 mengatur sewa operasi (insentif). PSAK 73 juga menggantikan ISAK 25 mengenai hak atas tanah dan ISAK 24 mengenai evaluasi substansi beberapa transaksi yang melibatkan bentuk legal sewa. Yang mana hal ini tentu akan memberikan dampak besar terhadap pajak serta laporan keuangan perusahaan secara menyeluruh.
Memperoleh pengakuan aset hak-guna dan liabilitas sewa. Memperhitungkan aset hak-guna pada biaya perolehannya. Memperkirakan liabilitas sewa dalam pembayaran sewa yang belum dibayar saat tanggal permulaan, dimana sewa hanya bisa didiskontokan dengan menggunakan suku bunga implisit pada sewa apabila suku bunga dapat ditentukan. Namun jika suku bunga pinjaman inkremental penyewa implisit maka sewa tersebut tidak dapat ditentukan.
Dengan melihat keadaan sewa menyewa tersebut, secara sewa disebabkan oleh beberapa klasifikasikan sewa pembiayaan yaitu:
Sewa mengalihkan kepemilikan aset pendasar kepada penyewa dalam masa akhir sewa. Opsi yang dimiliki penyewa dalam membeli aset dengan harga yang cukup rendah dari nilai wajar dalam tanggal tersebut dapat dieksekusi sehingga menjadi cukup pasti. Sebagian besar masa sewa terdiri dari umur ekonomis atas suatu aset pendasar meski hak kepemilikan tidak dialihkan. Dalam tanggal insepsi, penilaian pembayaran sewa menjadi cakupan substansial seluruh nilai wajar aset pendasar. Aset pendasar bersifat khusus, penyewa dapat menggunakan tanpa harus modifikasi signifikan.
Pada dasarnya dalam implementasi PSAK 73 sewa di perusahaan, ada hal yang harus diperhatikan dalam penerapan tersebut yaitu:
Kebijakan PSAK 73 sebagai pihak menyewa harus dapat mengklasifikasi apakah sewa tersebut termasuk sewa guna usaha maupun sebagai sewa operasi sejak adanya kontrak sewa. Namun apabila aset terindikasi secara substansial dan memberikan manfaat ekonomi, hingga dapat mengarahkan penggunaan aset.
Maka Anda dapat mengkategorikan kontrak tersebut mengandung sewa. Adapun kontrak yang berkaitan dengan PSAK 73 sewa meliputi: Adanya kontrak memiliki jangka waktu di bawah 12 bulan. Penyewaan dasar aset dengan nilai rendah misalnya komputer atau laptop. Perjanjian kontrak sewa tidak melewati nilai materialitas.
Berbagai jenis-jenis biaya yang melekat dalam kontrak sewa dapat meliputi yaitu biaya perawatan, renovasi, restorasi, dan semacam biaya lainnya yang terdapat dalam kontrak sewa.
Penerapan dalam aset hak guna akan sama dengan pengukuran aset lainnya, di mana liabilitas hak guna juga diukur sesuai dengan pengukuran liabilitas keuangan yang lainnya. Adapun jenis aset hak guna terdiri dari liabilitas sewa, advance payment, biaya langsung awal, estimasi biaya restorasi, dikurangi dengan insentif sewa.
Berikut ini contoh jurnal PSAK 73 yang bisa Anda pahami, misalnya yaitu penyewa sudah menyepakati sewa satu lantai dari bangunan selama 10 tahun. Di mana opsi sewa ternyata diperpanjang selama 5 tahun, dengan pembayaran sewa sebesar Rp50.000 per tahun, yang mana selama masa sewa awal dibayar menjadi Rp55.000 per tahun selama periode opsional dan seluruhnya dibayar pada masing awal tahun. Demi mendapatkan hak sewa tersebut, penyewa harus membayar biaya langsung awal sebesar Rp20.000, yang mana Rp15.000 dibayar untuk penghuni sebelumnya dan Rp5.000 untuk komisi yang dibayarkan kepada agen mengatur sewa tersebut.
Kemudian penyewa menyimpulkan bahwa tidak cukup pasti untuk melakukan sewa dan hanya menentukan masa sewa selama 10 tahun. Di mana suku bunga pinjaman inkremental penyewa adalah 5% per tahun, dan tarif tetap penyewa berjumlah yang sama nilai aset hak-guna, mata uang yang sama, selama masa 10 tahun, hingga jaminan yang sama. Untuk itu saat tanggal penyewaan, pesewa melakukan pembayaran sewa di tahun pertama, yaitu dengan biaya langsung awal, mendapat insentif sewa dari pesewa dan mengukur liabilitas sewa.
Di mana masa sewa saat ini tersisa 9 pembayaran terakhir sebesar Rp50.000, didiskontokan dengan suku bunga 5% per tahun sebesar Rp355.391. Adapun jurnal PSAK 73 sewa yang pada awalnya mengakui aset dan liabilitas terkait sewa sebagai berikut:(D) Aset hak-guna Rp 405.391
(K) Liabilitas sewa Rp 355.391
(K) Kas (pembayaran sewa untuk tahun pertama) Rp50.000
(D) Aset hak-guna Rp 20.000
(K) Kas (biaya langsung awal) Rp 20.000
(D) Kas (insentif sewa) Rp 5.000
(K) Aset hak-guna Rp 5.000
Penyewaan merupakan suatu cara untuk memiliki aset tersebut. Nah, klasifikasi penyewaan memang sangat berarti bagi pengguna laporan keuangan. Ini demi mencapai penyajian informasi laporan keuangan secara gambaran yang lengkap dan dapat memahami aktivitas penyewaan yang dilakukan entitas. Nah, model lama akuntansi memang sudah tidak mampu memenuhi kebutuhan pengguna laporan keuangan. Itulah sebabnya representasi penyewaan tidak tepat.
Maka itulah peranan PSAK 73 untuk memberikan informasi dalam laporan keuangan dengan tepat sekaligus meningkatkan kualitas keputusan manajemen. Sampailah di akhir pemahaman apa itu implementasi serta alasan menerapkan PSAK 73 untuk perusahaan. Tetapi apabila Anda memiliki perusahaan perseroan, maka penerapan PSAK 73 Anda juga perlu mencatat pengadaan aset yang penting dalam bisnis Anda sebagai pengakuan biaya dalam pembukuan atau laporan keuangan.
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