Course Detail(A229ET : FRS 116 Leases: Practical application)

A229ET : FRS 116 Leases: Practical application

7.00 CPE Hours (Category 1)
Classroom
In Collaboration with:  


Programme Objective
 
This course will provide insights to assess the financial impact and decisions on existing lease arrangements. We will also share practical tips to develop tools and templates to operationalise the standard.
 
The issuance of FRS 116, Leases effective on annual period beginning on or after 1 January 2019, introduced a new model for lease accounting by lessees which will impact the balance sheet, income statement and cash flows of all Singapore companies bringing leases onto the balance sheets, regardless of the industry that the entity operates in. Likewise, lessors need to know the accounting impact to understand how their lessees will be affected. Both lessees and lessors need to determine the extent of the accounting impact as soon as possible to manage consequential business implications such as changes in key performance metrics and required data, system and process enhancements.
 
Thisfull-day workshop is designed to cover not only the concepts introduced by the new standard but also the practical issues and the business impact that need to be considered by companies in Singapore with lease arrangements.
 
The work shop leaders are from the Accounting and Financial Reporting Advisory Services of PwC Singapore who support clients in implementing leases and other new accounting standards across industries. The speakers have helped other practitioners raise their challenges and concerns during the first two exposure drafts.

Programme Outline

This full day workshop is designed to answer the following questions:

  • How to identify a lease under FRS 116?
  • How do lessees adopt the new lease accounting? This includes a deep dive into:
    • Lease payments including variable lease payouts
    • Discount rates
    • Subsequent measurement of lease asset and liability
    • Separation of lease and non-lease components’ presentationin financial statements
  • How do lessors adopt the new lease accounting? Including accounting for subleases?
  • How to account for a sale and leaseback transaction under FRS 116 and FRS 115?
  • How to account for revisions to lease terms?
  • Deep dive: What happens if there are contract modifications, how should lessee and lessors account for it?
  • Are you aware of the simplified approach to transit to the new standard?
  • How to determine lease term? Including extension and termination options?
 
The answers to the above questions will be discussed through an interactive workshop with exercises and sharing of basic tools and templates on how to apply the requirements of FRS 116.
 
Training Methodology
 
Classroom style with quizzes, case studies
 
 

Closing Date for Registration
 

1 week before programme or until full enrolment
 

Intended For

CFOs, Finance, Controllers, Supervisors, Accountants, Analysts, Investor Relations, Financial Planning, Procurement, Treasury, Investors

Competency Mapping

Category 1 = 7.00 Hours

Schedule & Fees

Date & Time

19 Nov 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Senthilnathan Sampath
Sanjna Punjabi

Date & Time

15 Aug 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Senthilnathan Sampath
Sanjna Punjabi

Date & Time

27 May 2019 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Senthilnathan Sampath
Sanjna Punjabi

Testimonial

Funding

No funding Available!

Programme Facilitator(s)


Senthilnathan Sampath
Managing Director
 
Senthil is a Managing Director from the Accounting Advisory Services in PwC Singapore with 16 years working experience. He has extensive practical experience across complex IFRS financial reporting. He specializes in GAAP conversions and technical accounting advice and has worked on accounting conversions with various corporate and financial institutions in Asia, Middle East and United Kingdom.
 
He serves as the key technical director for a number of assurance engagements in the financial services sectors: banks, insurance companies and fund managers. He also performs various training on current accounting topics, and has experience designing and managing highly participative programs on IFRS training.
 

Sanjna Punjabi
Senior Manager
 
Sanjna is an experienced senior manager with PwC Accounting Advisory Services and has more than 13 years of audit, business advisory and regulatory experience. As a member of the PwC Global network of IFRS reporting specialist, she provided consulting services on complex financial reporting issues, performed financial statement reviews & conducted various internal / external trainings.
 
Prior to her current role in PwC, she was a part of the Accounting Standards Council (ASC) Secretariat, providing technical accounting input on emerging issues in accounting standard development, during local stakeholder outreaches and as a member of the ASC delegation in international / regional accounting standard setting bodies meetings.


Programme Objective
 
This course will provide insights to assess the financial impact and decisions on existing lease arrangements. We will also share practical tips to develop tools and templates to operationalise the standard.
 
The issuance of FRS 116, Leases effective on annual period beginning on or after 1 January 2019, introduced a new model for lease accounting by lessees which will impact the balance sheet, income statement and cash flows of all Singapore companies bringing leases onto the balance sheets, regardless of the industry that the entity operates in. Likewise, lessors need to know the accounting impact to understand how their lessees will be affected. Both lessees and lessors need to determine the extent of the accounting impact as soon as possible to manage consequential business implications such as changes in key performance metrics and required data, system and process enhancements.
 
Thisfull-day workshop is designed to cover not only the concepts introduced by the new standard but also the practical issues and the business impact that need to be considered by companies in Singapore with lease arrangements.
 
The work shop leaders are from the Accounting and Financial Reporting Advisory Services of PwC Singapore who support clients in implementing leases and other new accounting standards across industries. The speakers have helped other practitioners raise their challenges and concerns during the first two exposure drafts.

Programme Outline

This full day workshop is designed to answer the following questions:

  • How to identify a lease under FRS 116?
  • How do lessees adopt the new lease accounting? This includes a deep dive into:
    • Lease payments including variable lease payouts
    • Discount rates
    • Subsequent measurement of lease asset and liability
    • Separation of lease and non-lease components’ presentationin financial statements
  • How do lessors adopt the new lease accounting? Including accounting for subleases?
  • How to account for a sale and leaseback transaction under FRS 116 and FRS 115?
  • How to account for revisions to lease terms?
  • Deep dive: What happens if there are contract modifications, how should lessee and lessors account for it?
  • Are you aware of the simplified approach to transit to the new standard?
  • How to determine lease term? Including extension and termination options?
 
The answers to the above questions will be discussed through an interactive workshop with exercises and sharing of basic tools and templates on how to apply the requirements of FRS 116.
 
Training Methodology
 
Classroom style with quizzes, case studies
 
 

Closing Date for Registration
 

1 week before programme or until full enrolment
 

Intended For

CFOs, Finance, Controllers, Supervisors, Accountants, Analysts, Investor Relations, Financial Planning, Procurement, Treasury, Investors

Competency Mapping

Category 1 = 7.00 Hours

Programme Facilitator(s)

Senthilnathan Sampath
Managing Director
 
Senthil is a Managing Director from the Accounting Advisory Services in PwC Singapore with 16 years working experience. He has extensive practical experience across complex IFRS financial reporting. He specializes in GAAP conversions and technical accounting advice and has worked on accounting conversions with various corporate and financial institutions in Asia, Middle East and United Kingdom.
 
He serves as the key technical director for a number of assurance engagements in the financial services sectors: banks, insurance companies and fund managers. He also performs various training on current accounting topics, and has experience designing and managing highly participative programs on IFRS training.
 
Sanjna Punjabi
Senior Manager
 
Sanjna is an experienced senior manager with PwC Accounting Advisory Services and has more than 13 years of audit, business advisory and regulatory experience. As a member of the PwC Global network of IFRS reporting specialist, she provided consulting services on complex financial reporting issues, performed financial statement reviews & conducted various internal / external trainings.
 
Prior to her current role in PwC, she was a part of the Accounting Standards Council (ASC) Secretariat, providing technical accounting input on emerging issues in accounting standard development, during local stakeholder outreaches and as a member of the ASC delegation in international / regional accounting standard setting bodies meetings.

Upcoming Schedule

Registration is closed

Date & Time

19 Nov 2019 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 550.00
For Non-Members: $ 630.00

Programme Facilitator(s)

Senthilnathan Sampath
Sanjna Punjabi

Venue

Mandarin Orchard Hotel, Mandarin Ballroom II 333 Orchard Road
Level 6
Singapore 238867