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Lease and hire purchase agreements are common methods of business financing in Europe in the broadest sense (not just the EU and European Economic Area, EEA, countries). In particular, the lease is used to finance a wide range of assets, including cars, trucks, industrial machinery and equipment, IT and other office equipment, planes, and real estate to name but a few. In the global lease landscape defined in its widest sense (i.e. including hire purchase), Europe plays a major role, accounting for 38 percent of total volume, with Germany and UK being the largest markets. The main impact of IFRS 16 will be to bring assets held under operating leases and the lease liabilities onto balance sheets. Profitability and leverage ratios would also be affected. When the IASB was founded, accounting for leases had for more than twenty years dominated by the approach embodied in FAS 13 – Accounting for Leases (1976). The logic of FAS 13 had been adopted by IASC in IAS 17 – Accounting for leases (1982) involving lessors and lessees accounted for finance leases as the equivalent of a sale and accounted for operating leases as an executory contract. The practical implication of these accounting standards was that many leases did not qualify for capitalisation on the balance sheet of lessees and, as was often asserted, an important activity of the leasing industry was to structure contracts deliberately so as to avoid capitalisation. The mandatory adoption of new standards has been generated a lot of debates and controversies around the world (Uwuigbe, Emeni, Uwuigbe & Ataiwrehe, 2016) for more than 30 years. Users and preparers have criticized the lease accounting standards as unnecessarily complex and have led the standard setters to rethink the model issued. This heated debate is reflected in the international media Abstract

Capitalisation of operating lease and its impact on firm’s financial ratios: Evidence from Italian listed companies