Loan Contracting and Changes to the Accounting for Leases: Implications of Accounting Standards Codification 842
研究了2011至2023年间私人贷款合同对ASC 842租赁会计准则的采用情况，发现多数合同不愿采用，原因包括偏好一致的租赁分类、对借款人机会主义的担忧以及谈判成本。
ABSTRACT This study investigates the adoption and implications of Accounting Standards Codification (ASC) 842 lease accounting standards in private loan contracts. Analyzing a comprehensive sample of material loan contracts from 2011 to 2023, we document a pervasive reluctance to adopt ASC 842. Specifically, we find that for loans issued prior to, but maturing after, the standard effective date, only 41% of loans adopt the standard. For loans issued after the standard effective date, only 46% of loans adopt the standard. Our determinants analyses reveal that for loans issued prior to the effective date, the reluctance to adopt ASC 842 is associated with (1) a preference for using consistent lease classifications over time, (2) concerns about borrower opportunism, and (3) the costs of negotiating or renegotiating lease‐related loan terms within lending syndicates. In contrast, for loans issued after the effective date, only negotiation costs are associated with the reluctance to adopt. Our findings suggest that the costs of adopting ASC 842 in private loan contracts often outweigh the benefits and that contracting parties prefer a stable accounting standard environment.