The format of this course is a Live Webinar. A detailed set of instructions on the Live Webinar will be sent to you closer to date.

Programme Objective

On 13 January 2016, after deliberations of almost seven years, the International Accounting Standards Board issued IFRS 16 to improve the reporting of lease contracts. The new standard FRS 116 Leases has been adopted by the Accounting Standards Council of Singapore and will replace the existing standards on leases for periods beginning 1 January 2019.
 
The objective of this course is to facilitate an understanding of the principles and changes arising from the revised model of lease accounting for lessees and to illustrate the application of the requirements relating to lessee accounting. Although there is no substantial change in the model of accounting for lessors, the context of lessor accounting is now within this new standard FRS 116. This course also provides a review of the accounting for lessors within the context of FRS 116 with illustrative examples.

Programme Outline

The course will explain the principles and application of the requirements through decision flowcharts, clarifications of the basis of conclusions for critical changes and illustrative examples with hands-on exercises. It will also highlight major differences between the new standard and the outgoing standard FRS 17 Leases.
 

• Objective of FRS 116
• Scope of FRS 116
• Part I – Lessee Accounting
  • Recognition exemptions
  • Identifying a lease
  • Distinguishing leases from service contracts
  • Lease term
  • Lease payments
  • Allocation of bundled payments into lease and non-lease components
  • Measurement for lessees
    • Initial measurement
    • Subsequent measurement
    • Reassessment of liability to make lease payments
  • Issues relating to variable lease payments
  • Sale and lease back arrangements
  • Disclosures for lessees
  • Presentation for lessees
  • Transitional issues
• Part II - Lessor Accounting

• Identifying a lease
• Criteria for finance and operating leases
• Recognition
• Measurement
• Special lease arrangements, e.g. sales-type leases
• Presentation and disclosures

 

Pre-requisites

Please take note of the following admission requirements:

• Trainings will be conducted on Zoom platform, thus video camera and microphone are compulsory
• Mandatory for video camera to be turned on throughout the course
• Display your official name (as per NRIC) in Zoom, to facilitate attendance taking

 

Training Methodology

Lecture style, with illustrative examples, scenario analysis and hands-on exercises. Participants should bring their calculators.
 

Closing Date for Registration

1 week before programme or until full enrolment

Intended For

An Intermediate level programme suitable for Accounting and Audit Professionals.

Programme Facilitator(s)