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标题:Economic consequences of changes in the lease accounting standard: Evidence from Japan作者: Masaki Kusano, Yoshihiro Sakuma, Noriyuki Tsunogaya期刊: Journal of Contemporary Accounting Economics, 第12卷,第1期:73-88.
年份: 2016
原文
Economic consequences of changes in the lease accounting standard: Evidence from Japan
Masaki Kusano, Yoshihiro Sakuma, Noriyuki Tsunogaya
Abstract
The purpose of this study is to investigate the economic consequences of changes in the lease accounting standard in Japan. In particular, this study examines whether capitalization of finance leases has significant effects on firm behavior regarding the choice of accounting treatment and the arrangement of leases. Our findings are twofold. First, firms with debt contracting incentives are more likely to choose the exceptional treatment, which recognizes only finance leases contracted after the adoption of Statement No. 13, Accounting Standard for Lease Transactions. Second, firms choosing the exceptional treatment are more likely to transfer leases from finance leases to operating leases in response to the adoption of Statement No. 13. This study contributes to the literature on recognition versus disclosure as well as to discussions on the global convergence of accounting standards.
Keywords: conomic consequences, Lease accounting, Recognition versus disclosure, Exceptional treatment
Introduction
Finance leases are required to be capitalized on lessees balance sheet in Japan. This treatment is consistent with the regulations of International Financial Reporting Standards (IFRS) (IAS 17) (IASC, 1982) and U.S. Generally Accepted Accounting Principles (GAAP) (ASC 840/SFAS 13) (FASB, 1976). However, until 2008, Japanese firms were allowed not to recognize finance leases on their balance sheet. The Accounting Standards Board of Japan (ASBJ) started deliberations on the repeal of the off-balance-sheet treatment. Finally, in March 2007, the ASBJ issued State
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