Consideración de los efectos de la capitalización de arrendamientos operativos en las principales ratios financieras

Current IFRS accounting regulation does not require capitalization of operating leases. However, this may change once the new IASB proposal is published. Relevant Spanish companies have been lobbying strong for the delay or even the cancellation of the proposal. In this paper we assess the potential impact that would be derived from operating leases capitalization. We have built on the constructive capitalization method as the basis for our analysis but we have also run the tests with the factor method. Results show how the impact on financial ratios is statistically significant. When the sector is considered, retail and energy show to be most affected. We also find a positive relationship between size, ratio variation and retail sector membership. Our results answer to the question of why Spanish companies show themselves against this proposal. This study is an ex ante research and can not go beyond the effect analysis of this new standard.