Note: This course is suitable for auditors at foundational to intermediate level (i.e. associate, senior associate and assistant managers).

Programme Objective
The course aims to provide the participants with an overview of the key requirements and framework of FRS 116 Leases, as well as an appreciation of the potential impact FRS 116 will have on the financial statements. The Programme Facilitator will also share some of the areas that auditors should look out for when performing work on leases.

This course will also provide a snapshot of the main principles of FRS 115 Revenue from Contracts with Customers and FRS 109 Financial Instruments.
 

Programme Outline

FRS 116 Leases

• Introduction to single lease accounting model for lessee
• Considerations when assessing lease contracts
• Elements to include when accounting for right-of-use asset and lease liability
• Effective date and transition options
• Disclosure requirements
• Relevant considerations from the perspective of the auditors

Snapshot of FRS 115 Revenue from Contracts with Customers and FRS 109 Financial Instruments

• A general recap of the concepts of FRS 115 5 steps framework and practical difficulties that could be encountered in the application from the audit perspective
• A general recap of the concepts of FRS 109, focusing on salient differences between FRS 109 and FRS 39 and practical difficulties that could be encountered in the application from the audit perspective.

Training Methodology
Lecture style with case studies

Closing Date for Registration
1 week before programme or until full enrolment.

Intended For

This Foundation to Intermediate level programme is intended for audit associate, senior associate and assistant managers.

Programme Facilitator(s)