Akuntansi Syariah - Topik 7: Akuntansi Ijarah - Bagian 2

Summary

This video explains the accounting treatment of Ijarah contracts under PSAK 107 from both the lessor's and lessee's perspectives. It covers various aspects, including the transfer of ownership, lease payments, and maintenance costs. The video also discusses the impact of Ijarah transactions on financial statements, emphasizing the need for accurate asset recording, the disclosure of total lease payments, and any related restrictions or gains/losses. Key procedures for recognizing assets and liabilities in both the lessor and lessee's books are outlined, ensuring compliance with accounting standards.

Takeaways

• 😀 Takeaway 1: *Ijarah* accounting, governed by PSAK 107, involves both the lessor and lessee, focusing on asset acquisition, rental income, maintenance costs, and depreciation.
• 😀 Takeaway 2: For lessors, leased assets must be classified as *Ijarah* assets and recognized on the balance sheet, with rental income recognized as payments are received.
• 😀 Takeaway 3: The lessor is responsible for asset depreciation, and the leased asset’s maintenance costs may either be borne by the lessor or the lessee, based on the lease agreement.
• 😀 Takeaway 4: When an asset is transferred at the end of a lease, specific journal entries are required to account for the transfer, whether it's a sale or gift from the lessor to the lessee.
• 😀 Takeaway 5: Lessees record rental expenses as payments are made, which is the primary cost recognized on their financial statements during the lease term.
• 😀 Takeaway 6: Lessees must account for any maintenance costs they are responsible for, which can either be paid upfront or periodically as per the lease agreement.
• 😀 Takeaway 7: A lessee may have the option to purchase the leased asset, with journal entries reflecting this partial purchase or full asset acquisition.
• 😀 Takeaway 8: Both lessors and lessees must disclose key terms of the *Ijarah* contract in their financial statements, including total payments, maintenance responsibility, and transfer of ownership details.
• 😀 Takeaway 9: The financial disclosure must also include any restrictions on the asset, collateral or guarantees related to the lease, and any associated losses from asset sales.
• 😀 Takeaway 10: Both parties in an *Ijarah* arrangement must ensure proper financial transparency and reporting of all aspects of the lease, including asset acquisition, income, and transfer of ownership.

Q & A

What is the main focus of the video on Islamic lease accounting?

The video focuses on the accounting treatment of ijarah (Islamic leasing) under PSAK 107, revision of 2016, covering both lessor and lessee perspectives, including asset purchases, rental income, depreciation, and financial statement disclosures.

How does a lessor record a purchased asset intended for leasing?

The lessor records the asset as a *tijarah* (leased asset) and classifies it accordingly in their financial statements. Any associated costs for the purchase and setup of the asset are also recorded.

What should a lessor do when transferring ownership of the leased asset to the lessee?

When ownership is transferred, either during the lease or at its end, the lessor must record the sale transaction and adjust for any profit or loss related to the transfer, ensuring that the transaction is accurately reflected in the financial records.

How should a lessee handle lease payments and related expenses in their accounting?

A lessee should record the lease payments as expenses in their financial statements, ensuring that any additional costs, such as maintenance or repairs, are also accounted for. These payments should be reflected as operational costs in the income statement.

What are the key disclosures required for both lessors and lessees under ijarah contracts?

Both lessors and lessees are required to disclose details such as the total lease payments, the terms of the contract, any transfer of ownership clauses, asset depreciation, and restrictions or collateral associated with the lease.

How are maintenance costs handled in Islamic lease accounting?

Maintenance costs can either be paid upfront by the lessee or reimbursed by the lessor. These costs should be recorded as operational expenses, depending on the terms of the lease agreement.

What is the accounting treatment when a leased asset is returned to the lessor?

When the leased asset is returned, the lessor must record the return of the asset in their financial statements, adjusting the value of the asset and recognizing any resulting income or loss.

How should a lessor account for rental income from an ijarah agreement?

Rental income should be recognized as revenue for the lessor, typically on a periodic basis, in line with the terms of the lease agreement, and recorded in the income statement.

What is the treatment of asset depreciation under ijarah accounting for the lessor?

The lessor must record depreciation on the leased asset in their financial statements, following the asset’s expected useful life and accounting for any wear and tear or reduction in value over time.

What happens when the lessee decides to purchase the leased asset during or at the end of the lease term?

If the lessee purchases the asset, the asset is transferred to their ownership, and the lessee must record the purchase price as an asset, adjusting for any payments made and the residual value of the asset.