PROVISION OF CENTRAL BANK OF THE RUSSIAN FEDERATION

of March 22, 2018 No. 635-P

About procedure for reflection on accounts of financial accounting of lease agreements by not credit financial credit institutions

This Provision based on article 7 of the Federal Law of July 10, 2002 No. 86-FZ "About the Central bank the Russian Federation (Bank of Russia)" (The Russian Federation Code, 2002, No. 28, Art. 2790; 2003, No. 2, Art. 157; No. 52, Art. 5032; 2004, No. 27, Art. 2711; No. 31, Art. 3233; 2005, No. 25, Art. 2426; No. 30, Art. 3101; 2006, No. 19, Art. 2061; No. 25, Art. 2648; 2007, No. 1, Art. 9, Art. 10; No. 10, Art. 1151; No. 18, Art. 2117; 2008, No. 42, Art. 4696, Art. 4699; No. 44, Art. 4982; No. 52, Art. 6229, Art. 6231; 2009, No. 1, Art. 25; No. 29, Art. 3629; No. 48, Art. 5731; 2010, No. 45, Art. 5756; 2011, No. 7, Art. 907; No. 27, Art. 3873; No. 43, Art. 5973; No. 48, Art. 6728; 2012, No. 50, Art. 6954; No. 53, Art. 7591, Art. 7607; 2013, No. 11, Art. 1076; No. 14, Art. 1649; No. 19, Art. 2329; No. 27, Art. 3438, Art. 3476, Art. 3477; No. 30, Art. 4084; No. 49, Art. 6336; No. 51, Art. 6695, Art. 6699; No. 52, Art. 6975; 2014, No. 19, Art. 2311, Art. 2317; No. 27, Art. 3634; No. 30, Art. 4219; No. 40, Art. 5318; No. 45, Art. 6154; No. 52, Art. 7543; 2015, No. 1, Art. 4, Art. 37; No. 27, Art. 3958, Art. 4001; No. 29, Art. 4348, Art. 4357; No. 41, Art. 5639; No. 48, Art. 6699; 2016, No. 1, Art. 23, Art. 46, Art. 50; No. 26, Art. 3891; No. 27, Art. 4225, Art. 4273, Art. 4295; 2017, No. 1, Art. 46; No. 14, Art. 1997; No. 18, Art. 2661, Art. 2669; No. 27, Art. 3950; No. 30, Art. 4456; No. 31, Art. 4830; No. 50, Art. 7562; 2018, No. 1, Art. 66; No. 9, Art. 1286; No. 11, the Art. 1584, the Art. 1588), parts 6 of article 21 of the Federal Law of December 6, 2011 No. 402-FZ "About financial accounting" (The Russian Federation Code, 2011, No. 50, Art. 7344; 2013, No. 26, Art. 3207; No. 27, Art. 3477; No. 30, Art. 4084; No. 44, Art. 5631; No. 51, Art. 6677; No. 52, Art. 6990; 2014, No. 45, Art. 6154; 2016, No. 22, Art. 3097; 2017, No. 30, Art. 4440; 2018, No. 1, the Art. 65) (further - the Federal Law "About Financial Accounting") establishes procedure for reflection on accounts of financial accounting of lease agreements by not credit financial credit institutions.

Chapter 1. General provisions

1.1. In financial accounting cession of property in lease and return of property upon termination of lease term are reflected in the basis of source accounting documents.

1.2. The concepts "lease", "lease term", "start date of lease", "underlying asset", "asset in the form of right to use", "short-term lease", "initial direct costs", "net investment in lease", "guarantee of salvage value", "transaction of sale with reversionary lease", "lease payments" for the purpose of this provision are applied in the values established by the International accounting standard (IFRS) 16 "Lease" enacted in the territory of the Russian Federation by the order of the Ministry of Finance of the Russian Federation of July 11, 2016 No. 111n "About enforcement and cancellation of documents of International accounting standards in the territory of the Russian Federation", registered by the Ministry of Justice of the Russian Federation on August 1, 2016 No. 43044 (further - the order of the Ministry of Finance of the Russian Federation No. 111n) (further - IFRS (IFRS) 16).

1.3. Transactions of sale with reversionary lease are reflected in financial accounting according to Chapter 6 of this provision.

Chapter 2. Classification and financial accounting of lease agreements by not credit financial credit institutions - lessees

2.1. Asset in the form of right to use and agreement obligation of lease are recognized not credit financial credit institution - the lessee (further - the lessee) on start date of lease.

2.2. On start date of lease the asset in the form of right to use is estimated by the lessee on the original cost determined according to Item 24 IFRS (IFRS) 16.

2.3. On start date of lease agreement obligation of lease is estimated by the lessee on present value of lease payments.

Lease payments are discounted with use of the interest rate provided in the lease agreement. In case of impossibility of calculation of the interest rate provided in the lease agreement the interest rate for borrowed funds of the lessee is used.

On start date of lease lease payments which join in assessment of agreement obligation of lease consist of the payments for right to use by underlying asset determined according to Items 27 and 28 IFRS (IFRS) 16.

2.4. The size of initial assessment of agreement obligations of lease joins in original cost of asset in the form of right to use and is reflected accounting entry:

The debit of the account No. 60807 "Investments in acquisition of assets in the form of right to use"

Account No. 60806 credit "Lease commitment".

The lease payments paid in the advance payment before start date of lease join in original cost of asset in the form of right to use and are reflected accounting entry:

The debit of the account No. 60807 "Investments in acquisition of assets in the form of right to use"

Account No. 60312 credit "Settlings with suppliers and contractors" or accounts No. 60314 "Settlings with the nonresident organizations for economic activities".

The initial direct costs incurred by the lessee in connection with the conclusion of the lease agreement join in original cost of asset in the form of right to use and are reflected accounting entry:

The debit of the account No. 60807 "Investments in acquisition of assets in the form of right to use"

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