IFRS 16 - Implementeringens effekter på publika flygbolags kapitalstruktur

Detta är en Kandidat-uppsats från Göteborgs universitet/Företagsekonomiska institutionen

Sammanfattning: Background: Leasing has proven to be a common financing alternative in capital-intensive industries. Studies also indicate that operating leases, which according to IAS 17 are to be excluded from the balance sheet, constitute the majority of existing leasing agreements. The new leasing standard IFRS 16 is expected to have a notable effect on the lease accounting as lessees from 2019 must report all leasing agreements as a right of use asset and lease liability on the balance sheet.Purpose: The thesis aims primarily to describe the effects that IFRS 16 has on the capital structure of public airline companies. Secondarily, the differences that exist between the companies are described. The purpose of this is to give an insight into a relatively unexplored area.Limitations: The study is geographically limited to the countries that apply IFRS regulations. Furthermore, only public airline companies are included which means that several major airlines, which are state-owned, are excluded. Finally, the study is limited to the years 2018 and 2019.Method: A quantitative method has been applied to review data from the 56 participating airline companies. To test the study’s hypothesis, a paired sample t-test, a wilcoxon signed-rank test and a multiple linear regression analysis were performed.Results and conclusions: The study identifies an overall trend that indicates an increased debt-to-equity ratio at airlines. However, a clearly significant relationship between IFRS 16 and increased debt-to-equity ratio cannot be shown as the statistical tests provide a two-sided picture of the relationship’s existence. Furthermore, large differences between companies can be detected, both individually and when grouped according to geographical region.Proposal for further research: Continued research is encouraged to investigate companies compliance with IFRS 16 by thoroughly reviewing financial reports. Furthermore, there is interest in mapping out the effects of the US leasing standard ASC 842 on airline companies in the United States.

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