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Leasing - leasing

Historical Background

The historical background of the lease or as it is known today, "Leasing", dating from Roman times, when the agrarian law proposed by Tiberius Gracchus approved the expropriation of large landholdings, having being delivered in small plots to poor citizens, in leasing hereditary right.

At the same time, the Phoenicians, had developed the technique of rent or charge imposed by factories that settled along the Mediterranean, making in most cases recover their investment within a short time and selling of according to the circumstances of the applicant. lease goes through all age-Ancient, Medieval and Renaissance up to the first and second industrial revolution, reflected in the United States from 1872 to 1893, mining operations where certain capitalist rented for temporary periods or any farm equipment minerals, in general.

Not until 1950, when the leasing decision financially as we know it today was born of an American shoe industry, which wants to increase its production capacity and banks offered him more credit, the latter proposed a banker, to sell its equipment in operation to obtain a loan for 2 years so that by the end of this period the bank could recover its money, plus interest and the shoemaker respective increase its production capacity and recover again equipment. This operation comes the U.S. LEASING CORPORATION, which remains one of the leasing of impotancia in United States.

In VENEZUELA, is in 1969, when they are the primary leasing operations under the name of leasing with the creation of "ARRENDAVEN" and then "ARRENDAEQUIPOS" and "ARRENDACAR." These 3 companies formed what might be called "first generation of financial leasing, and leasing were pioneers in our country.

In 1975, there were only 5 leasing companies in the country, a rain of nationalization of oil and the implementation of measures to control inflation is when you actually experience a growth, these lessors came to constitute the second generation of these businesses.

This will begin to create rules on the leasing of property, activity regulated today by the General Law on Banks and other financial institutions.

devotes IAS 17, paragraph 4, to define key terms used in different types of leases. In this sense, defines the lease, in general, comosigue:

"lease is an agreement whereby the lessor conveys to the lessee, in return receive a lump sum of money, or series of payments or contributions, the right to use a active during a given period.

According to the above, the lease may be classified as Operating Lease leasing or leasing.

now define LEASING :

is a contract whereby a lessor undertakes to grant the use or enjoyment of an asset to the lessee, whether natural person or legal entities, forcing the latter to pay a periodic income to cover the original value of the property , the financial burden, and additional expenses under the contract.

There are elements involved in the leasing, these are:

personal items:

1 .- The landlord, gives the thing leased and is entitled to the right.

2 .- The Giver: You must be a financial institution or a society that is intended to finance operations.

3 .- The tenant: get the thing leased.

Essentials:

1 .- The thing about the good that will be leased.

2 .- the price: it is determined to be enforceable.

3 .- The time: the lease, as indicated by its temporary nature in the definition, time is essential.

Operating leases:

In a contract that the landlord gives the tenant the right to use an asset for a specified period in return receive a single amount or series of shares without question of a lease of a financial nature.

The lessee accounts as an expense shares, while the lessor registered as a ingreso.En both cases, leading to the profit and loss account.

Ultimately, operating leases are ue those can not be classified as finance leases.

DIFFERENCES BETWEEN FINANCIAL AND OPERATING LEASE:

1 .- With regard to the landlord:

operating leasin: manufacturers, distributors, importers of goods.

Financial Leasing, financial companies or subsidiaries of banks.

2 .- Duration of contract:

leasin

OS: of 1 3 years

Financial Leasing: 3 to 5 years for movables and 20 to 30 years for real estate.

3 .- Nature of Contract:

leasin

Operational revocable by the tenant with notice.

Financial Leasing: irrevocable by both parties.

4 .- Obsolescence:

Operating Leasing: is borne by the landlord.

Financial Leasing, on behalf of the tenant.

We consider some disadvantages of financial leasing:

1 .- Access to the ownership of the property, sometimes at the end of the contract, by exercising the option.

2 .- can not deliver good until the end of the contract.

Points to consider in the accounting treatment of financial leasing:

The accounting treatment of this type of lease is identical to the treatment of arredo contracts with purchase option, including that associated with its multi-year, except as regards to record the acquisition of the property, by the exercise of the option, given the different economic role of the two types of contractual arrangements. Accordingly
expense arising from periodic assessments (comprehensive financial burden and the amount corresponding to the recovery of the cost of the asset) is recorded as economic costs each year the value of corresponding to it.
Unlike the above in relation to the lease with purchase option, the exercise of the option in the lease contract will involve the incorporation of imnmovilizado as if it were a proper good from the beginning of the lease.

BIBLIOGRAPHY:

- History of leasing in Venezuela and its prospects. author Dr. Omar Gomez, Senior. co-author Dr. Javier Gonzalez Contreras.

- Summary leasing packages on Dr. Jesus Acosta.

- Comments sr. Orlando Contreras Osorio, Ex - Vice President of Promotions Arredaven.

- Acosta, Fernando, caves, Enrique. Thesis "Analysis of treatment with respect to taxes on income is given to the depreciation of fixed assets involved in operations of financial leasing, conducted by legal persons.