Regarding accounting standards, I used to memorize them, and I knew how inefficient and ineffective this method was, and how painful it was to study, but at that time I didn't find a good way to solve it, so I could only ** my memory every day and stumbled through the CPA exam.
It wasn't until I picked them up again after graduating and discovering the logical beauty of accounting itself.
Recently, I have been writing a vernacular interpretation of leasing guidelines, so let's take leasing as an example to give you an interesting logical reasoning.
The core change in the new tenancy guidelines is the handling of lessees:
Whether it is a financial lease or an operating lease, the right-of-use assets and lease liabilities must be recognized in a unified manner.
As for why this change was made, you can poke this article (the guidelines are two vast, let the heavens know that I admit defeat!). ）
The change is cool for a while, and the crematorium is measured.
After knowing the changes, what do you do about the specific accounting treatment?
For example, how should right-of-use assets be measured?
The textbook is also introduced at great length.
What I want to say is that the measurement of right-of-use assets can be derived from previous learning, and does not need to be learned as a new knowledge.
First of all,
The right to use is an asset, and since it is an asset, it must comply with the measurement basis of the asset.
We learned at the very beginning that there are 5 foundations of asset measurement:
Historical Cost, Present Value, Fair Value, Net Realizable Value, Replacement Cost
Net realizable value, replacement cost are not commonly used;
Fair value, only more foreign, and angry financial assets will be used, such as financial instruments, such as investment real estate.
In other words, for the vast majority of ordinary assets, there are two most commonly used measurement bases:
Historical cost and present value.
Leased "right-of-use assets" are no exception.
And the difference between the two is only in two words:
Time.
A simple truth is that 10,000 yuan in ten years is not equal to 10,000 yuan now.
The historical cost is 10,000 yuan now;
The present value is the value of 10,000 yuan in the future converted to today.
If you buy an asset, you have to pay 10,000 yuan at the moment, and you record the cost of this asset as 10,000 yuan, which is no problem;
If you buy an asset and you have to pay 10,000 yuan after 10 years, you still record the cost of this asset as 10,000 yuan, isn't it appropriate?
It's like putting you in 10 years and you in the present on a comparative dimension, is that fair?
In order to put the money paid in the future and the money paid in the present in a comparative dimension, there is a discount, and there is a present value.
Present value is created to reflect the time value of money.
Then,
Let's consider, what is the price that the lessee has to pay in order to obtain the right-of-use asset?
Close your eyes and think quietly for a minute, and you will surely be able to think of at least three of the following:
1) the rent to be paid in each future installment;
2) Rent to be paid to the landlord immediately as a sign of sincerity;
3) a commission for the intermediary brother;
Is this all? Not quite.
There is an additional disposal cost in the textbook, which is the expense of the lessee to restore the leased asset to its original condition when the lease is terminated.
I can't think of this, I don't blame you, it's too unpopular.
Some of these costs are paid now (rent paid immediately + commission to the agent), and some are paid later (rent to be paid in each future installment + disposal cost).
In order to allow expenses for different time periods to be measured in the same time and space, then:
What is spent at the moment, with historical costs;
The future is spent, with the present value.
So the right-of-use asset is a mixed measurement, present value + historical cost.
Therefore, the basic entry for the initial measurement of the lease is:
Debit: Right-of-use assets (mixed measurement).
Credit: Lease liabilities (rent paid in each future installment at present value).
Projected liabilities (disposal costs to be paid in the future, at present value).
Bank Deposits Other payables (rent paid at the moment + commission to the intermediary, at historical cost).
Therefore, for the initial measurement of the entire right-of-use asset, there is only one point that you need to remember, and that is to consider the possible disposal costs (friends who have learned well in the fixed assets chapter, maybe this can also be thought of), and the rest are all learned before, isn't it?