Programme Objective The release of FRS 116 (IFRS 16) Leases dramatically changes how lessees account for leases. For lessees there will be no more operating leases and all leases come on a balance sheet in the form of a right of use asset and a financial liability. Accountants may see a simple adoption process, but the recognition, measurement, presentation and disclosure requirements have been completely overhauled and a lease is no longer evaluated only at inception, so the need to continuously track the leases is now added. FRS 116 (IFRS 16) Leases is effective from 1 January 2019, but early adoption is allowed and many are taking that route to align with their FRS 115 (IFRS 15) and FRS 109 (IFRS 9) adoption in 2018.
Overview of the New Standard What is a lease?Is the contract a lease, service contract or combined contract?What about leases of low value items or short term leases?How to determine the value of the right of use asset and financial liability?What interest rate to use?How to determine the lease term? Case Study 1: Applying the new standard to equipment. Using the lease of an aircraft we will examine issues to include:Determine the lease termDetermine the value of the financial liability and right of use assetCalculate the depreciation and interest for the periodEstablish the journal entriesDetermine how the two adoption elections would impact an existing lease Case Study 2: Applying the new standard to a lease of land and building. Using the lease of a land and building we will examine issues to include:Determine the lease termDetermine the value of the financial liability and right of use assetCalculate the depreciation and interest for the periodEstablish the journal entriesDetermine how to treat a sublease Implementation Challenges What if you modify the lease?How is foreign exchange translation of the financial liability treated?How do you recognize restoration costs in the ROU asset?How are Sale and leaseback transactions treated?Presentation and Disclosure ImpactTraining Methodology Lecture style, with Case Studies Closing Date for Registration 1 week before programme or until full enrolment
Overview of the New Standard
Case Study 1: Applying the new standard to equipment. Using the lease of an aircraft we will examine issues to include:
Case Study 2: Applying the new standard to a lease of land and building. Using the lease of a land and building we will examine issues to include:
Implementation Challenges
Closing Date for Registration 1 week before programme or until full enrolment
An Intermediate level programme intended for both Practising and Non-Practising Accountants and Auditors.
Category 1 = 7.00 Hours
12 Sep 2020 (9:00 AM - 5:00 PM)
For Members: $ 345.61 For Non-Members: $ 415.16
05 Dec 2020 (9:00 AM - 5:00 PM)
29 Jan 2020 (9:00 AM - 5:00 PM)
Registration is closed
07 Dec 2019 (9:00 AM - 5:00 PM)
14 Sep 2019 (9:00 AM - 5:00 PM)
60 Cecil StreetISCA HouseSingapore 049709
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